AzerGold's net profit drops by 39%

AzerGold CJSC ended last year with a net profit of $29.402 million, 39% less than in 2020, Report informs, citing the company.

In 2021, AzerGold's revenue from contracts with customers was $112.074 million (1.7% more than the previous year), the cost of sales was $51.7 million (40.9% more), general and administrative expenses were $13.361 million (34.9% more), impairment loss on quality and assessment assets was $7.071 million (12.1% more), impairment loss on intangible assets, buildings and equipment was $3.058 million, other income reached $2.976 million ( 4.3 times more), financial expenses amounted to $1 million (2 times less), and income tax payments dropped to $9.458 million (1.4% less).

As of January 1, 2022, the assets of AzerGold amounted to $200.922 million, which is 43.6% more year-on-year. During the reporting period, the liabilities of the joint-stock company decreased by 1.5% to $41.113 million, and the balance capital increased by 62.8% to $159.809 million, including the authorized capital, which increased by 67.6% to $36.471 million.

AzerGold was established in 2016 by order of President Ilham Aliyev dated February 11, 2015.