Azerenergy ends 2023 with sharp net profit decline

The net profit of Azerenergy OJSC, a state-owned energy company in Azerbaijan, for 2023 stood at just over 175.1million manats ($103 million), which is 2.5 times lower than the previous year, Report informs, referring to the company's financial report.

However, there was a positive development in terms of accumulated losses. The company managed to reduce its accumulated loss by 7.9%, bringing it down to 1.994 billion manats (just over $1.173 billion).

As of January 1, 2024, Azerenergy’s total assets reached almost 5.314 billion manats (approximately 3.126 billion), reflecting a year-on-year increase of 17.5%.

During the reporting period, the company’s liabilities increased by 14.4% to over 2.531 billion manats ($1.489 billion). Meanwhile, the balance capital surged by 20.5% to over 2.782 billion manats (roughly $1.637 billion).

Azerenerji OJSC, established in 1997, plays a crucial role in Azerbaijan’s energy sector. Its authorized capital stands at more than 1.760 billion manats ($1.035 billion). The 100% state-owned entity is the country's main energy producer and exporter.