Net profit of TANAP consortium increases

The Trans-Anatolian Gas Pipeline (TANAP) consortium achieved a net profit of over $1.073 billion in 2023, marking a 5.3-percent increase year-on-year, Report informs, citing the consortium.

The company’s revenues stood at over $1.682 billion (2.7% more), and the cost of goods sold was $165.444 million (0.4% more).

Additionally, the company’s total profit was over $1.516 billion (3% more), and financial expenses were $117.391 million (29% less).

The consortium’s pre-tax profit in 2023 was $1.073 billion (5.3% more), which is the same as the net profit indicator. This similarity arises because the consortium did not make any income tax payments during 2022-2023.

By the end of 2023, the assets of the TANAP consortium amounted to just under $6.254 billion (2.6% less), including short-term assets of $195.499 million (2.1% more) and long-term assets of over $6.058 billion (2.8% less). Within the structure of long-term assets, the value of the gas pipeline amounted to just under $6.05 billion (2.7% less).

In 2023, the consortium’s liabilities totaled $511.502 million (70.8% less), comprising short-term liabilities of $450.068 million (64.7% less) and long-term liabilities of $61.434 million (87.2% less).

The capital of the company amounted to over $5.742 billion by the end of 2023 (23% more).