Investment Company Increases Profits
2017 November 06 ( Monday ) 10:29:15
Baku / 05.11.17 / Turan: The investment company Invest-AZ CJSC saved 438.4 thousand manat in the first half of the year. This is 33.5% more than for the comparable period of 2016, the company"s financial report https://goo.gl/9cpkqc notes.
In January-June, the investment company increased revenue (1 million 428 thousand manat) by 67.8%. At the same time, due to the almost twofold increase in administrative, operating and other costs, as well as losses on exchange rate differences, the profit dropped to 438,400 manat (about $ 250,000).
At the beginning of the second half of 2017 Invest-AZ CJSC had cash and other funds for the amount of AZN 7.7 million, the bulk of which (over 7 million manat) belong to its clients. For 12 months the company"s assets grew by 11% and reached 8.4 million manat. The investment company"s founders own about 1.3 million manat. In 2016, the net profit of this company exceeded AZN 0.5 million.
Invest-AZ CJSC was established in 2006. The company is controlled by Elshan Guliyev, who also owns an investment company in Turkey. In the first half of 2017, the company Invest-AZ Menkul Degerler AS (established in June 2012) with incomes of 6.8 million TL suffered a loss of 608 thousand TL. Undistributed losses of the company exceed 2.1 million TL (https://goo.gl/SLqQyR).
Invest-AZ is one of seven investment companies operating in Azerbaijan. Other investment companies either do not have a corporate website, or do not publish periodic financial statements, which is a violation of the requirements of the law On the Securities Market. -----08B--