Azerbaijan’s AzFinance Invest doubles revenue
Baku, Azerbaijan, Aug. 28
By Eldar Janashvili – Trend:
Azerbaijani investment company AzFinance Invest ended 2018 with a net profit of 328,000 manats, while 2017 was completed with a profit of 2,500 manats, Trend reports referring to the organization’s audit report.
According to the audit report, the company’s profit grew by more than 131 times over the year. The company’s operating revenue grew by more than 400,000 manats: for comparison, the company’s operating loss made up 59,900 manats by the end of 2017. Its volume amounted to 350,200 manats and it was formed at the expense of revenues of 3.105 million manats (doubled during the year), and expenses worth 2.755 million manats (annual growth of 71.3 percent).
In the company's revenue structure, more than half of the income (56 percent) was comprised of income from asset management in the amount of 1.749 million manats (an increase of 2.7 times over the year). Revenues from the company’s brokerage operations amounted to 668,400 manats (increase of 13.8 percent over the year).
In the structure of the company's expenses, 62 percent of all expenses were comprised of personnel costs in the amount of 1.727 million manats (increase of 92 percent over the year). The cost of the commission more than doubled and amounted to 116,300 manats.
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