“Latvenergo Reports Record Profits and Approval of Reports at Shareholders’ Meeting”

At the regular meeting of “Latvenergo” shareholders on Thursday, May 11, the company’s 2022 annual report and the consolidated report of “Latvenergo” were approved. The Sustainability Report of the “Latvenergo” concern for 2022 and the Corporate Governance Report of “Latvenergo” for 2022 were also approved.

Regarding the profit of “Latvenergo” for 2022, which reached 209.362 million euros last year, it was decided to pay 133.991 million euros to the state in dividends, and to include the remaining part of the profit in the amount of 75.37 million euros in retained earnings.

“Ernst & Young Baltic” SIA has been appointed as the auditor of “Latvenergo” 2023 annual report.

Also, at the shareholders’ meeting, it was decided to divide “Latvenergo” into the group of large capital companies.

It has already been reported that last year the “Latvenergo” concern worked with a turnover of 1.842 billion euros, which is 72.9% more than in 2021, while the group’s profit increased 2.6 times – up to 183.874 million euros.

At the same time, the turnover of the parent company of the concern increased 2.1 times in 2022, reaching 1.231 billion euros, while the profit of the parent company of the concern was 209.362 million euros, which is an increase of 2.6 times.

“Latvenergo” is engaged in the production and trade of electricity and thermal energy, as well as natural gas trade and provision of electricity distribution services. “Latvenergo” belongs to the state, but the company’s bonds are listed on the debt securities list of the stock exchange “Nasdaq Riga”.