Georgian StateElectrosystem has improved financial results, Trend reports via the Ministry of Finance of Georgia.
The document prepared by the Ministry of Finance shows that the company will pay a dividend of 69 million lari ($20.9 million) to the state budget at the end of this year based on the profits generated in 2018 and 2019.
According to the audit report, the StateElectrosystem had revenue of 235 million lari ($71.1 million) in 2019 and a net profit of 30.4 million lari ($9.2 million).
However, the Electrosystem received revenue of 227 million lari ($68.7 million) in 2018 and a profit of 46 million lari ($13.9 million). As of the document on a financial risk analysis prepared by the Ministry of Finance, the company will issue a significant portion of its profits as dividends.
JSC Georgian State Electrosystem is one of the largest owners of the electricity transmission chain and includes 3,550 km of power transmission lines and 93 substations.
The total assets of the state electricity system amount to 1.17 billion lari ($354.3 million). The volume of loans and credits of the company was 967 million lari ($292.2 million) in late 2019.