Net profit of GoldenPay rises by 2%

GoldenPay OJSC, the largest company in the online payment market of Azerbaijan, ended the year 2023 with a net profit of 2,197 million manats ($1.292 million), up 2.3% than in 2022, Report informs via company's financial report.

Last year, GoldenPay received 13,086 million manats ($7.697 million) from the services provided, representing an increase of 17.3 percent from 2022.

Meanwhile, the cost of its services was 8,937 million manats or $5.257 million (+26.8%), provisions for loan losses were 0.003 million manats or $1,764 (-89.7%), general and administrative expenses were 1.612 million manats or $948,235 (+16.2%), income from exchange rate difference was 0.012 million manats or $7,058 (the previous year was a loss), and income tax payments were 0.349 million manats or 205,294 (-35.5%).

As of January 1, 2024, the assets of GoldenPay stood at 8,715 million manats ($5.126 million), which is 31.5% more than the previous year.

During the reporting period, the company's liabilities fell by 5.3% to 1,903 million manats ($1.119 million), while the balance capital rose by 47.6% to 6,812 million manats (over $4 million).

GoldenPay OJSC was founded in July 2007 and started operating in December 2008. Its authorized capital is 0.6 million manats ($352,941). The company is the owner of Hesab.az online payment portal. On this portal, it is possible to make utility, mobile, internet, bank loans, parking and other types of payments, buy insurance products, movies and air tickets.