“Samruk-Energy” JSC will cut its costs by 18, 5 bn. tenge in 2020. These will involve both current and capital expenditures. Actions on cutting costs are taken for purposes of implementing the instructions of Akhmetzhan Yesimov, the Chairman of “Samruk-Kazyna” SWF” JSC Executive Board, which were given at the meeting of operations headquarter of “Samruk-Kazyna” JSC.
As it is known, in March this year, the Fund’s top management and chief executive officers of portfolio companies discussed a mechanism for responding to occurred and potential risks in light of challenging global environment. Further to the meeting, the companies that are part of “Samruk-Kazyna” JSC were assigned a wide range of tasks and certain instructions including reducing costs that do not directly affect their operations.
Along with operating expenses, the company revised capital expenditures, optimization of which is 15, 8 bn. tenge, or 13% of total investment expenses. The following were optimized:
- Investment projects in the amount of 9,3 bn. tenge;
- Expenses for maintenance of production assets 2,3 bn. tenge, administrative assets - 36 mln. tenge;
- Other capital expenditures for 4,2 bn. tenge.
Today, 30% of employees of the Company’s Head office were shifted to remote work.
In general, at present “Samruk-Energy” JSC operations in power and coal sectors are carried out as usual.
Reference:
“Samruk-Energy” JSC is the largest power holding company in Kazakhstan, 100% owned by “Samruk-Kazyna” SWF JSC. It was established in 2007. Core business: electricity and heat production; transmission, distribution and sale of electricity, power coal mining. The holding company comprises energy and coal enterprises, including “Ekibastuz SDPP-1” LLP, “Ekibastuz SDPP-2 Plant” JSC, “Bogatyr Komir” LLP, “Almaty Power Plants” JSC, “Moynak Hydropower Plant named after U.D. Kantayev” JSC, “Shardarinsk HPP” JSC, etc.
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Government Relations and
Communications Office of “Samruk-Energy” JSC.
Tel: (7172) 55-30-62;