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Net profit of Azerbaijan's A-Group grows manifold

Finance Materials 24 February 2024 09:29 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, February 24. Azerbaijani insurance company A-Group JSC finished 2023 with a net profit of 698,897 manat ($411,110), Trend reports.

According to the company's financial report, the IC's net profit at the end of 2022 was 57,190 manats ($33,640).

Thus, the company's net profit in 2023 climbed by 12.2 times that of 2022.

The company's income was 25,2 million manat ($14,8 million), up 14.7 percent, including direct insurance premiums of 21,1 million manat ($12.4 million), down 14.2 percent, and investment income of 549,461 manat ($323,208).

The company's expenses amounted to 24.4 million manat ($14.3 million) (11.1 percent growth), including insurance payments of 15.3 million manat ($8.9 million) (19.6 percent growth).

A-Group's pre-tax profit amounted to 873,621 manat ($513,888), and income tax payments amounted to 174,724 manat.

Meanwhile, the company's assets decreased by 7.1 percent to 27.1 million manat ($15.9 million), liabilities decreased by 15.3 percent to 15 million manat ($8.8 million), and capital increased by 5.6 percent to 12.1 million manat ($7.1 million).

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