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Azerbaijani big food company’s loan debt decreases by over 11%

Business Materials 8 September 2018 17:42 (UTC +04:00)

Baku, Azerbaijan, Sept. 8

By Azad Hasanli – Trend:

Azerbaijani food company "Saba" reduced the loan debt by almost 11 percent to 3.97 million manats in January-June 2018, the company's financial report says.

The company's total liabilities since the beginning of the year decreased by 23.13 percent amounting to 19.14 million manats. As for assets, they also decreased by 12.5 percent to 41.95 million manats.

Nevertheless, in the structure of assets, accounts receivable greatly increased by almost fourfold, which reached 4.26 million manats in January-June 2018. At the end of June, the volume of goods delivered to traders and contractors in advance amounted to 578,600 manats.

In general, goods worth 7.78 million manats were on the balance sheet of the company, including finished goods worth 1.04 million manats. The volume of goods amounted to 4.96 million manats in 2017.

The company's financial investments in the reporting period totaled 13.65 million manats. The authorized capital is 4.79 million manats.

Saba completed January-June with net profit of 486,700 manats.

Saba OJSC was established in 1996 through the reconstruction of the material and technical base of the Davachi poultry farm, which was put into operation in 1981.

(1.7 manats = $1 on Sept. 8)

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Follow the author on Twitter: @AzadHasanli

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