Georgia Capital PLC on Monday reported lower annual profit, as weaker portfolio value creation weighed on earnings, though its net asset value per share increased.

Shares in Georgia Capital were up 5.1% at 1,404.00 in London on Monday morning.

The Tbilisi-based investor in Georgian businesses said pretax profit for 2024 fell 40% to ₾362.3 million, around $129.2 million, from ₾608.6 million in 2023, while gross investment profit declined to ₾368.1 million from ₾616.0 million.

Total portfolio value creation dropped 36% to ₾435.3 million from ₾680.5, though it more than doubled in the fourth quarter to ₾460.8 million from ₾223.1 million a year prior.

Despite the profit decline, Georgia Capital’s NAV per share rose 16% to ₾95.95 at December 31, up from ₾82.94 a year earlier. In sterling terms, NAV per share grew 12% to £27.14 from £24.23.

Chair Irakli Gilauri said: ‘I am particularly pleased that we have delivered very strong levels of cash generation; made substantial progress in reducing our net capital commitment ratio; and continued to focus on capital repatriation to our shareholders under the ₾300 million capital return package, announced in May 2024.

‘This performance was underpinned in 2024 by the resilience of the Georgian economy, which has demonstrated consistent and substantial growth in recent years despite ongoing geopolitical tensions and uncertainties. ’

Looking ahead, Gilauri said the company remains focused on strategic priorities, including divesting subscale assets, further reducing its net capital commitment ratio, and maintaining strong cash generation.

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