Silk Way Insurance sees 30% decline in net profit

Silk Way Insurance sees 30% decline in net profit As of January 1, 2019, Silk Way Insurance OJSC’s assets stood at AZN 29.926 million, down 18.2% from the previous year, Report informs.
Finance
March 29, 2019 09:40
Silk Way Insurance sees 30% decline in net profit

As of January 1, 2019, Silk Way Insurance OJSC’s assets stood at AZN 29.926 million, down 18.2% from the previous year, Report informs.

According to the OJSC, the liabilities dropped by 21.3% to AZN 7.679 million, total capital fell 17.1% to AZN 22.247 million, incomes slid 1.8% to AZN 20.722 million, expenditures went up 3% to AZN 18.605 million, profit tax slipped 30.4% to AZN 424,000. Consequently, the OJSC ended 2018 on AZN 1.694 million in net profit, down 30.4% by contrast to 2017.

Silk Way Insurance, which is member of Silkway Holding LLC, was established in 2011 on the basis of the AZAL Insurance OJSC. İts authorized capital is AZN 14.77 million. 38.74% of OJSC’s share is owned by Jamila Jahangir Asgarova, 38.74% by Malahat Jahangir Asgarova, 19.5% by Silkway Airlines and 3.47% by AZAL. 

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