AZAL's net profit soars over 6%

The net profit of Azerbaijan Airlines (AZAL), the national carrier of Azerbaijan, reached 117.683 million manats, representing a 6.4% increase compared to the previous year.

Report informs, citing the company, that AZAL's revenue from transportation and other sources of income amounted to 1.473 billion manats, a significant 28.1% increase from 2022. Government subsidies, however, decreased by 80.5% to 21.24 million manats. Operating expenses rose by 13.1% to 1.177 billion manats, while financial expenses increased by 57.6% to 161.088 million manats. The company also reported a foreign exchange loss of 11.217 million manats, a 92.9% increase. Income tax payments decreased by 26.6% to 28.846 million manats.

As of January 1, 2024, AZAL's assets stood at 2.641 billion manats, a 17.8% year-on-year increase. The company's liabilities grew by 5.2% to 3.170 billion manats, while the balance sheet capital deficit decreased by 31.5% to 529.107 million manats.

Founded in 1992, AZAL has been a key player in Azerbaijan's aviation industry. With a charter capital of 823.975 million manats, the company's headquarters is located at Heydar Aliyev International Airport in Baku.