BAKU, Azerbaijan, April 13. Azerbaijan's Ferrum Capital CJSC completed 2022 with a net profit of 2.15 million manat or $1.26 million, compared to 2.38 million manat or $1.4 million in 2021, Trend reports via the company's financial report.
According to the report, the company's interest income totaled 13.2 million ($7.7 million) in the reporting period.
Furthermore, interest expenses amounted to 4.2 million manat ($2.47 million), while administrative and other operating expenses in 2022 totaled 4.9 million manat ($2.8 million).
The company's profit before taxes amounted to 2.6 million manat ($1.5 million) in 2022, and income tax payments were 540,300 manat ($317,823).
In 2022, Ferrum Capital's assets increased by 12.08 percent compared to 2021, reaching 56.89 million manat ($33.4 million). Moreover, the company's liabilities rose by 16.96 percent and reached 46.93 million manat ($27.6 million), while total capital amounted to 9.9 million manat ($5.8 million).
Ferrum Capital CJSC is the country's first independent factoring company, which was established in 2017. The company's goal is to provide financial support to entrepreneurs through the factoring service.