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Breakthrough in value at the Baltic level: Latvenergo outperforms competitors

18.10.2017.

Having received the most valuable Latvian company award for the tenth time within TOP101 jointly created by Prudentiaand Nasdaq Riga, Latvenergo AS has demonstrated significant progress at the Baltic level as well achieving position among three most valuable companies of the Baltic States.

“Energetics is a very dynamic industry and in these circumstances, anexplicitly defined and clear strategy of the Group is essential, which aims to diversify the operation and embrace the horizons of new markets and business spheres, becoming a modern energy company. In other words, the essence of our strategy is: one step further. While in the past we consolidated our positions in the traditional segments of our business of the Baltics, now we look at product diversification, innovation, digitisation and new technology. This is the path we have mapped out for further development and success,” Āris Žīgurs, Chairman of the Management Board of Latvenergo AS says.

Among the most valuable companies in the Baltic States, the value of Latvenergo is highest compared with other energy sector competitors from Baltics reaching 3rd position of Baltic TOP 101. As far as evaluation at the Latvian level is concerned, the growth of Latvenergo AS this year is 34% compared to the previous year.

“We have been creating TOP101 for 12 years now and are very pleased with the developments in the Latvian economy, which have also had a positive impact on the total value of the TOP 101 most valuable companies in Latvia. Latvenergo solidified its status as the most valuable Latvian company with an impressive growth in value, and at the same time it has become the third most valuable company in the Baltics,” Kārlis Krastiņš, Chairman of the Board of Prudentia points out. 

Daiga Auziņa-Melalksne, Chairman of the Management Board of Nasdaq Riga shares her opinion on what contributes to the growth of companies: “The company’s long-term growth is closely linked with the governance practices and successful operation of the supervisory board. Over the last year, there has been a significant improvement in the governance of state-owned enterprises. The transparency of companies, the amount of information available and, consequently, accountability to the public on the results achieved have improved. This, in turn, has contributed to both greater responsibility at the level of the supervisory board of the companies and the distancing of the state from these companies, as independent members of the supervisory board must make at least half of the supervisory board’s composition in the largest state-owned enterprises.”

TOP101 most valuable companies of Latvia is an initiative, implemented by Prudentia and Nasdaq Riga since 2006. This initiative is based on the desire to encourage public debate on the value of companies in correlation with good corporate governance as one of the factors influencing the value. 

Ivita Bidere

Latvenergo AS
Press Secretary
Tel.: 67728809; 29279158
ivita.bidere@latvenergo.lv

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