- Georgia Capital said Thursday annual net assets fell for the full year as choppy markets during the fourth quarter of last year hurt pressured valuations of the group's private and listed companies..

For the six months to 30 June, net asset value per share increased by 0.9% to GEL 47.1, but NAV stood at GEL 1.7bn, down 8.3% from a year earlier as negative stock market conditions during fourth quarter of 2018, 'unfavourably' affected the value of listed and unlisted companies weighed.

The underlying business performances were 'outstanding with double-digit revenue growth and strong operating cash flow generation supporting increased earnings,' the company said.

Profit before tax more than doubled to GEL 236.6 from GEL 107.5m

The Bank of Georgia proposed an annual dividend for 2018 of GEL 2.55 per share, representing a 30% payout ratio and a 4.5% increase on last year.

'Economic activity in Georgia continues to grow and our outlook remains positive for 2019. Asset prices have improved since the end of 2018, thereby increasing the value of our listed portfolio companies and NAV per share to GEL 1.1 billion and GEL 51.5 per share (an equivalent of GBP 15.0), respectively, as of the close of business on 20 February 2019,' the company said.

'We expect continued strong cash flow generation across our late stage businesses, while within the early state portfolio we are on track to commission our first hydro power plant, open two new hotels in the Gudauri and Svaneti regions, fully launch our brewery and open all periodic vehicle inspection centres. We remain well positioned to take advantage of attractive opportunities with clear discipline, and to create sustainable long-term value for our shareholders.'

At 10:14am: [LON:CGEO] Georgia Capital Plc Ord Gbp12.70 share price was -13.2p at 1135p

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