BAKU, Azerbaijan, Aug. 10
By Nargiz Sadikhova - Trend:
Kazakhstan's Samruk Energy JSC, which is the country's largest state diversified energy holding, succeeds in restructuring the company's balance sheet with the help of Asian Development Bank (ADB), the company official told Trend.
The official reminded that this is not the first time that the company is cooperating with ADB.
“In November and December 2018, the Asian Development Bank and Samruk Energy JSC signed loan agreements for $120 million in tenge equivalent in order to improve the operational efficiency of core activities and restructure the company's loan portfolio,” the company representative said.
The official noted that these funds allowed to diversify the loan portfolio of the Samruk Energy, and at the same time to significantly reduce currency risks.
Talking the results of the company’s cooperation with ADB, the official said that it helped to reduce currency risks of the company, diversify and improve the quality of the company's loan portfolio, as well as restructure the company's balance sheet.
“Thus, the net profit for the Samruk Energy JSC group of companies amounted to 7 billion tenge [$16.6 million], which is 54 percent higher than the figure for 2018. Moreover, the company has reduced interest expenses on loans: in 2019 compared to 2018, they decreased by 1.67 billion tenge [3.9 million dollars],” the company official said, stressing that these results clearly reflect the growth of the Company's operational efficiency, as well as effective management of funds received from ADB.
Samruk Energy JSC was established on April 18, 2007, by the resolution of general meeting of founders in order to develop and implement a long-term state policy on upgrading of existing and introduction of new generating facilities.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members.
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