Azerbaijani largest leasing company increases joint capital by 60 percent in 2010

Business Materials 28 January 2011 18:44 (UTC +04:00)

Azerbaijan, Baku, Jan. 28 / Trend A. Badalova /

In 2010, the Azerbaijani largest leasing company - Joint Leasing increased the total capital and lease portfolio, as well as the volume of leased equipment. It got more profit compared to the previous year, the company said.

As of early 2011, the leasing portfolio of Joint Leasing was 28.81 million manat or 210,000 manat more than the volume as of early 2010. The joint capital of the company for the period increased from 2.168 million manat to 3.437 million manat. The annual growth of total capital amounted to 1.269 million manat (58.5 percent).

In 2010, the company signed 36 new lease agreements. As of early 2011, the total number of contracts signed by the company amounted to 185. The projects financed by Joint Leasing have covered such areas as construction, transport, food and light industries, trade and services.

As of January 1, 2011, the company financed the purchase of machinery and equipment amounting to 3.231 million manat or 788,000 manat (32.6 percent) more than the same period of last year. Roughly 95 percent of the total volume of funding fell to business projects, 5 percent - on the consumer projects.

The profit of the company hit 1.632 million manat for 2010 or 232,000 manat (16.6 percent) more than the revenues for the previous year.