"Azersu" OJSC announced the audited financial report for 2021.
"APA-Economics" reports that the annual net loss of the state company has exceeded 552 million manats.
Thus, in 2021, the revenues of "Azersu" OJSC increased by 43% compared to the previous year and reached 262.9 million manats.
OJSC's revenues from water sales amounted to 182.5 million manats (45.4% more), and revenues from sewage services amounted to 70.5 million manats (37.3% more).
The cost of sales decreased by 2% to 128.7 million manats.
The total profit of "Azersu" OJSC increased to 134.2 million manats.
This is 2.5 times more than in 2020.
The main reason for the loss of the state-owned company was the increase of "other operation" expenses by 2.6 times to 549.5 million manats, and sales and distribution expenses by 24.7% to 146.6 million manats.
Administrative expenses of OJSC decreased by 30% to 28.7 million manats.
Against the listed costs, other incomes of "Azersu" OJSC were 32.2 million manats and income from the exchange rate difference was 10.315 million manats.
As a result of expenses being much higher than income, the state company made a net loss of 552.2 million manats.
This is 1.7 times more than the previous year.
In 2020, "Azersu" announced a net loss of 323.2 million manats.
In general, the accumulated loss of "Azersu" OJSC reached 7.855 billion manats.
As of December 31, 2021, the total assets of the state company increased by 2.1% to 1.021 billion manats, the total capital increased by 5.9% to 443.186 million manats, and the total liabilities decreased by 0.7% to 578.444 million manats.