JSC Latvenergo has signed two short-term loan provision contracts to secure current assets and maintain liquidity. The loan amounts reach EUR 90 million, as the company informed Nasdaq Riga.
Latvenergo and OP Corporate Bank plc in Latvia have signed a short-term loan contract worth EUR 60 million and a loan contract with SEB Bank worth EUR 30 million. The term of both loan contracts is two years.
A procurement was organised for short-term loan contracts.
Company representatives also note that Latvenergo organises capital attraction in a regular manner, allocating financing for capital investments and liquidity in advance.
As previously reported, the turnover of Latvenergo in nine months of 2021 was EUR 659.543 million, which is 16.9% more when compared to a year prior. The group’s profits decreased 3.6 times – to EUR 26.403 million.
In 2020 Latvenergo’s audited turnover was EUR 773.391 million, which is 8.1% less when compared to a year prior. The concern’s profits, on the other hand had increased by 23.3% that year and was EUR 116.309 million. At the same time, the turnover of Latvenergo’s parent company had reduced by 11.9% that year, reducing to EUR 385.612 million. The company’s profits had increased 53%, reaching EUR 154.848 million.
Latvenergo is engaged in production and trade of electrical and heating energy, as well as natural gas trade and electricity transmission services. Latvenergo is owned by the Latvian state.
Latvenergo signs short-term loan contracts for almost EUR 100 million
