BAKU, Azerbaijan, April 14. The Entrepreneurship Development Fund of Azerbaijan completed 2022 with a profit of 15.5 million manat ($9.1 million), Azerbaijan's fund told Trend.
According to the fund, operating revenues amounted to 14.3 million manat ($8.4 million), while income from loans reached 8.9 million manat ($5.2 million).
"The fund paid 7.8 million manat ($4.5 million) in taxes to the state budget and therefore, the net profit was formed at the level of 15.5 million manat ($9.1 million)," the source said.
The total assets of the fund as of the beginning of 2023 amounted to 951.8 million manat ($559.8 million), while liabilities totaled 20 million manat ($11.7 million).
Furthermore, the compliance of the fund's annual financial statements with International Accounting Standards (a set of rules for financial statements that were replaced in 2001) is audited annually by independent audit companies. The financial statements for 2022 were reviewed by the Baker Tilly Azerbaijan audit company (consulting company providing accounting, auditing and consulting services) and received positive assessments.