Baku, Azerbaijan, May 31
By Kheyraddin Nasirzade - Trend:
The total assets of Azerbaijan’s State Agency for Housing Construction (MIDA) amounted to 103.8 million manats in 2018, Trend reports with reference to a report by PwC Azerbaijan.
In the structure of assets, the value of long-term assets amounted to 512,300 manats, among which the agency’s fixed assets amounted to 438,700 manats, and intangible assets - 73,600 manats, according to the report. The report indicates that unfinished buildings were included into capitalized costs. Upon completion, buildings will be added to the total amount of fixed assets.
Further, in the structure of assets, 101.9 million manats account for balances in current bank accounts, which are cash funds of the agency and their equivalents. The amount of advances issued amounted to 1.36 million manats, which was allocated to a contractor for the construction of the building worth 12.1 million manats. The remaining 13,100 manats belong to other assets of the agency.
The total liabilities of MIDA over the past year amounted to 313,700 manats. In the structure of liabilities, trade and other payables amounted to 2,500 manats, and the remaining 311,200 manats account for liabilities on income tax.
The total capital of the agency as of Dec. 31, 2018 amounted to 103.5 million manats, of which the authorized capital amounted to 100 million manats. Deductions from the state budget amounted to 497,500 manats.
In the report on income and expenses of the agency, operating income amounted to 4.4 million manats. After deducting operating expenses of 607,900 manats and tax on profits of 747,900 manats, net profit amounted to 3.01 million manats.
MIDA LLC was established in 2016 as a result of the signing by of a decree by Azerbaijani President Ilham Aliyev “On the establishment of the State Agency for Housing Construction under the President of Azerbaijan and the organization of its activities”.