Georgian StateElectrosystem has improved financial results. The document prepared by the Ministry of Finance shows that the company will pay a dividend of GEL 69 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 GEL 235 million in 2019 and a net profit of GEL 30.4 million. However, the Electrosystem received revenue of 227 million in 2018 and a profit of 46 million GEL. As of the document on a fiscal 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 GEL. The volume of loans and credits of the company was 967 million GEL late 2019.
