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Azerbaijani investment company’s net profit down

Finance Materials 7 September 2020 20:24
Azerbaijani investment company’s net profit down

BAKU, Azerbaijan, Sept. 7

By Fidan Babayeva – Trend:

Azerbaijan’s AzFinance investment company ended 2019 with the net profit worth 261,000 manats ($153,529), which is 20.4 percent less than in 2018, Trend reports on Sept. 7 referring to the financial report of the investment company.

The company’s tax profit amounted to 363,000 manats ($213,529) in 2019, a decrease of 8.3 percent compared to 2018 while income tax payments - 102,000 manats ($60,000), which is 50 percent more than in 2018.

The company’s assets as of January 1, 2020, amounted to 2.3 million manats ($1.3 million), which is 29.1 times less than a year earlier.

During the reporting period, the liabilities of the investment company decreased and amounted to 387,000 manats ($227,647) while the balance capital increased by 15.8 percent and reached 1.9 million manats ($1.1 million).

AzFinance Investment Company, founded in 2014, is an independent, private brokerage and management company in Azerbaijan.

The company has the license issued by the Azerbaijani State Committee for Securities to carry out a brokerage activity.

(1 USD = 1.7 AZN on Sept. 7)

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