BAKU, Azerbaijan, January 29. Azerbaijan Airlines CJSC (AZAL) completed 2023 with a net profit of 117.6 million manat ($69.1 million) (6.4 percent year-on-year growth), Trend reports.
According to the airline's financial report, in 2023, AZAL's revenues from transportation and other services amounted to 1.4 billion manat ($823 million) (up 28.1 percent), subsidies received from the government amounted to 21.2 million manat ($12.4 million) (down 80.5 percent), operating expenses amounted to 1.1 billion manat ($647 million) (up 13.1 percent), income from the recovery of impairment of receivables and funds, receivable from affiliated parties - 1.7 million manat ($1 million) (decrease by 95.6 percent), financial expenses - 161.08 million manat ($94.7 million) (increase by 57.6 percent), losses from foreign exchange operations - 11.2 million manat ($6.5 million) (increase by 92.9 percent), profit before tax - 146.5 million manat ($86.1 million)(decrease by 2.2 percent), income tax - 28.8 million manat ($16.9 million) (decrease by 26.6 percent).
Meanwhile, as of January 1, 2024, assets amounted to 2.6 billion manat ($1.5 billion) (17.8 percent growth), while the airline's liabilities increased by 5.2 percent to 3.1 billion manat ($1.8 billion).
To note, AZAL was founded in 1992 and is the national air carrier of Azerbaijan. The authorized capital of the company is 823.9 million manat ($484.6 million).