Todua Clinic Tops Profitability Ranking Among Georgian Hospitals – Forbes Georgia
Todua Clinic emerged as the most profitable private hospital in Georgia in 2023, according to Forbes Georgia, which ranked medical institutions by return on assets (ROA) based on financial disclosures. The ranking, which excludes state-owned hospitals, evaluates profitability as a function of pre-tax profit relative to total assets.
Despite ranking fourth by ROA, Todua Clinic led in absolute profit, earning ₾20.1 million on assets of ₾159.7 million, with a return of 12.58%. The radiology-focused institution operates three branches in Tbilisi and derives 36.2% of its revenue from the state-funded Universal Healthcare Program.
Topping the list by ROA was Chachava Clinic, a Tbilisi-based maternity hospital, with a 22.45% return. The clinic posted a ₾12.5 million profit on ₾55.8 million in assets. Owned and controlled by Elguja Gotsiridze, Chachava Clinic also offers aesthetic medicine, plastic surgery, and dental services. Just 6.5% of its revenue stems from the public healthcare program.
In second place, Gagua Clinic—also specializing in maternity care—reported a 20.16% ROA, with ₾4 million in profit and ₾20 million in assets. The clinic is 98% owned by David and Irakli Gagua, with management led solely by David Gagua.
Aversi Clinic ranked third with a 13.49% ROA and the second-highest absolute profit of ₾17.5 million on ₾129.6 million in assets. The institution operates 17 branches nationwide and derives 17.8% of its revenue from universal healthcare. Ownership is split between Paata (67%) and Nikoloz (33%) Kurtanidze via Aversi Pharma LLC.
Other notable entries include:
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Helsicore (8.66% ROA), an Israeli-Georgian cardiovascular-focused clinic;
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Ghudushauri Clinic (6.67% ROA), which served over 8,000 inpatients in 2023;
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West Georgia Medical Center (6.22% ROA), located in Kutaisi and majority-owned by UK-registered Georgian Capital;
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Caucasus Medical Center (5.41% ROA), with over half of its revenue from the state program;
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Institute of Clinical Oncology (5.39% ROA), focused on cancer treatment;
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New Hospitals (4.79% ROA), a multidisciplinary provider majority-owned by PSP Pharma founder Kakhaber Okriashvili.
Methodology
The ranking draws from financial and management reports for 2023, sourced from the Accounting, Reporting and Audit Supervision Service (reportal.ge), as of March 12, 2025. Eligible hospitals were Category I or II enterprises with over ₾20 million in assets and engaged in inpatient care. The profitability metric used is return on assets, calculated as pre-tax profit divided by total assets.
State-owned facilities were excluded from the analysis.
