Assets of Azerbaijan Investment Company increase

Business Materials 22 May 2019 19:05 (UTC +04:00)

Baku, Azerbaijan, May 22

By Kheyraddin Nasirzade – Trend:

The Azerbaijani investment company Invest-AZ increased total assets by 67 percent in 2018, Trend reports referring to the company's audited report.

According to the report conducted by the Baltic Caspian Audit company, the company's total assets reached 11.5 million manats in 2018. In the asset structure, cash and cash equivalents reached 10.5 million manats in 2018, which is 64.5 percent more than in 2017. The company’s other assets reached 169,900 manats.

The company’s fixed assets increased by more than six times up to 440,800 manats in 2018. The company’s intangible assets decreased by 12.5 percent up to 1,900 manats. The assets on settlements with founders increased by 70.3 percent up to 60,200 manats.

The volume of investment securities available for sale increased by 56.6 percent and reached 237,800 manats. The share in other companies remained unchanged, reaching 62,000 manats in 2018 compared to 2017.

The company’s total liabilities increased by 61.7 percent and reached 9.2 million manats in 2018. In the structure of liabilities, the volume of accounts payables increased by 11.2 percent up to 6.27 million manats.

The volume of the issued debt securities reached 2.6 million manats in 2018 which was not observed in 2017. The company’s other liabilities reached 68,700 manats. The volume of deferred income tax liabilities reached 1,900 manats. The obligations on settlements with the founders increased by more than 23 times up to 346,400 manats.

The company’s total capital nearly doubled, reaching 2.25 million manats. The authorized capital doubled to 1.6 million manats. Retained earnings increased by almost 1.8 times up to 654,700 manats.

The company's total revenues increased by 38.3 percent and reached 3.9 million manats in 2018. In the revenue structure, commission income for liquidity guarantee increased by 24 percent up to 3.4 million manats.

Commission income obtained as a result of brokerage and other services reached 462,200 manats in 2018, which is 7.6 times more than in 2017. Dividend income reached 21,600 manats in 2018, which was not observed in 2017. The company's revenues obtained as a result of educational services reached 19,200 manats.

The expenses for commissions and fees increased by 48.1 percent up to 988,900 manats. The losses as a result of dealing operations with foreign currency increased by almost seven times, up to 678,200 manats.

The company’s administrative and other operating expenses reached 1.35 million manats. Interest expenses reached 45,700 manats in 2018, which was not observed in 2017. As a result, the company's operating profit increased by 17.4 percent up to 846,100 manats. The profit obtained as a result of the exchange rate difference reached 2,500 manats. Income tax reached 194,300 manats in 2018.

After deducting the income tax, the company's net profit reached 654,300 manats in 2018, which is almost twice as much as in 2017.

(1.7 AZN = 1 USD on May 22)


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