Azerbaijani investment company increases assets

Business Materials 24 May 2019 15:27 (UTC +04:00)

Baku, Azerbaijan, May 24

By Kheyraddin Nasirzade – Trend:

Azerbaijan’s Xalq Kapital investment company increased its total assets by 28.5 percent in 2018, Trend reports referring to an audited report of the company conducted by ANR Audit.

As noted in the report, total assets at the end of last year amounted to 578,300 manats, which is 128,100 manats more than the figures for 2017.

In the structure of assets, cash amounted to 17,700 manats, which is almost 4 times less than the figures for 2017. The taxes paid in advance amounted to 4,000 manats. Other assets amounted to 10,700 manats. Overall, the company's current assets amounted to 32,300 manats, which is 8.5 times less than in 2017.

In the structure of long-term assets, the volume of investment securities amounted to 540,900 manats, which is more than 3 times the figures for the preceding year. Among the securities, capital securities amounted to 388,100 manats, with debt securities amounting to 152,800 manats. Intangible assets amounted to slightly more than 5,000 manats.

According to reports, the company's total liabilities for the year decreased by almost 33 percent to 38,300 manats. Among the liabilities, income tax debts amounted to 26,100 manats, with other liabilities amounting to 12,300 manats.

The total capital for the year increased by 37.4 percent, reaching 539,900 manats. Share capital remained unchanged, making up 420,000 manats. Retained earnings of the company amounted to 119,900 manats.

According to the report, the company's total revenues increased 3.5 times to 215,050 manats, of which income from transactions amounted to slightly more than 191,000 manats, and other incomes to 24,000 manats. The operating expenses of the company (which were formed from the expenses of staff salaries and other expenses, which together amounted to 28,900 manats) amounted to 57,200 manats, which is 2.7 times more than in 2017. General and administrative expenses amounted to 27,600 manats.

After deducting expenses, the company's operating profit amounted to 157,800 manats, which is almost 4 times higher than the figures for 2017. Also, income from interest accrued from deposits placed and investments amounted to 20,100 manats.

After deducting income tax in the amount of 31,100 manats, the company's net profit amounted to 146,900 manats.