Net profit of Azerbaijan’s energy operator decreases

Business Materials 27 May 2019 11:16 (UTC +04:00)

Baku, Azerbaijan, May 27

By Kheyraddin Nasirzade - Trend:

In 2018, the net profit of Azerishig OJSC (Azerbaijan’s energy operator) decreased by 28 percent compared to 2017, Trend reports with reference to the company's financial report.

The company’s net profit amounted to 12.9 million manats, according to the report.

The incomes of the energy operator amounted to 1.2 billion manats. After deducting the cost of sales of 1.1 billion manats, the value of retained earnings amounted to 107.7 million manats. Distribution costs amounted to 43.3 million manats, administrative expenses - to 51.1 million manats, losses from impairment of receivables stood at 11.7 million manats, and other expenses - at 13.3 million manats.

Other revenues worth 48.5 million manats resulted in operating income of 36.8 million manats, which is 16.5 percent less than in 2017. Financial expenses of the company were at 6.5 million manats. Profit tax amounted to about 17.4 million manats.

The total assets of the company increased by 9.4 percent over the year, reaching 2.2 billion manats. In the asset structure, tangible assets in the form of property, installations and equipment amounted to 2.06 billion manats. Advances of long-term assets decreased 7.5 times to 6.5 million manats. Intangible assets amounted to 3.2 million manats, the value of goods and materials - to 46.1 million manats.

VAT deductions in offsetting amounted to 17.8 million manats. Trade and other receivables amounted to 77.5 million manats, cash and cash equivalents - to 19.1 million manats, and other assets - to 10.1 million manats.

Total liabilities increased by 26.9 percent to 665.5 million manats. In the structure of liabilities, the value of long-term loans and debt obligations amounted to 490.3 million manats, short-term loans and debt obligations - to 68.6 million manats.

The value of long-term reserves of payments for disability amounted to 1.9 million manats, the value of short-term reserves – to 299,000 manats. The value of deferred tax liabilities amounted to 22.7 million manats. The value of trade and payables amounted to 34.4 million manats, the amount of advances received was 43.7 million manats, liabilities on VAT and other taxes - 3.7 million manats.

The total capital of the energy operator increased by 3.3 percent over the year, reaching 1.57 billion manats. The authorized capital of the energy operator increased by 14.9 percent to 1.68 billion manats.

The value of additional capital amounted to 223.8 million manats, the amount of losses - 330.3 million manats.

(1.7 manats = 1 USD on May 27)