BAKU, Azerbaijan, November 27. The Azfen joint venture, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), ended 2023 with a net profit of 11.47 million manat ($6.74 million).
Data obtained by Trend from the company's financial statement shows that this figure decreased by 7.1 times from 2022, when the company recorded a net profit of 81.39 million manat ($47.88 million).
Azfen's profit before tax in 2023 was 14.29 million manat ($8.4 million), down 7.3 times from the previous year, while tax payments totaled 2.82 million manat ($1.66 million), an 8.3 times decrease.
As of January 1, 2024, Azfen's assets stood at 276.57 million manat ($162.65 million), a 14 percent decrease from 321.50 million manat ($189.17 million) in 2022.
The company’s liabilities fell 3.3 times to 25.04 million manat ($14.73 million), compared to 81.44 million manat ($47.94 million) in 2022. Meanwhile, its equity rose 4.8 percent to 251.53 million manat ($147.9 million), up from 240.07 million manat ($141.1 million) in the previous year.
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