The Azfen joint venture ended 2023 with a net profit of 11.466 million manats ($6.744 million), which is 7.1 times less than in 2022, Report informs, citing the company's financial report.
In 2023, Azfen's pre-tax profit was 14.286 million manats (just over $8.4 million), which is 7.3 times less than the previous year. Income tax payments amounted to 2.821 million manats ($1.659 million), marking an 8.3 times decrease year-on-year (YoY).
As of January 1, 2024, Azfen's assets were valued at 276.5 million manats (about $162.7 million), marking a 14% decrease YoY. During the same period, the company's liabilities decreased 3.3 times to 25.042 million manats (about $14.7 million), while its balance capital increased by 4.8% to 251.5 million manats (over $147.9 million).
Azfen was established in 1996 with an authorized capital of 277,000 manats ($162,941). The company is a joint venture between the State Oil Company of Azerbaijan (SOCAR), which holds a 60% share, and the Turkish “Tekfen İnşaat ve Tesisat A.Ş.”