Azerbaijan’s SEC doubles investment in real estate, equipment
Baku, Azerbaijan, July 8
By Kheyraddin Nasirzade - Trend:
The State Examination Centre (SEC) of Azerbaijan almost doubled assets for real estate and equipment for 2018, Trend reports referring to a consolidated report of the center prepared by the RSM Azerbaijan company.
According to the report, assets for real estate and equipment amounted to 10.124 million manats, as of December 31 of the previous year. The volume of total assets for the reporting period increased by 42.2 percent, reaching 24.698 million manats.
In particular, the volume of cash and cash equivalents increased by 41 percent to 2.454 million manats. At the same time, balances of bank deposit accounts decreased by almost 51 percent, reaching 309,000 manats. In addition, stocks of household materials increased by almost 20 percent to 2.093 million manats. Intangible assets amounted to 8.114 million manats, which is not much different from the figures for last year. Advances allocated for the purchase of real estate and equipment increased by 1 million manats to 1.236 million manats over the year.
As noted in the report, over the past year, the volume of liabilities decreased by 20 percent to 408,139 manats. At the same time, the center took short-term loans in the amount of 11,748 manats and long-term loans in the amount of 20,619 manats. Trade and other payables decreased by 33 percent, to 110,110 manats. Income tax liabilities increased by 58 percent, reaching 174,094 manats.
The total capital of the SEC for the year increased by 44.1 percent, reaching 24.29 million manats. Authorized capital remained unchanged at 1 million manats. Some 2.156 million manats were allocated for the revaluation of real estate, equipment and intangible assets. The additional capital for the year increased by 17.3 percent, reaching 6.838 million manats. Retained earnings increased by 42.5 percent to 14.295 million manats.
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