Azerbaijan Industrial Corporation OJSC announces its financial results for 2022
Qabil Ashirov
Read moreAzerbaijan Industrial Corporation, OJSC, succeeded in 2022, achieving the highest financial results in its history, Azernews reports, citing the Corporation.
Despite the energy crisis caused by regional conflicts, breakdowns in supply chains, climate change, declining global economic activity, and other factors that have had a negative impact on the economic activities of companies within the corporation, eventually the Corporation has been able to successfully carry out its 2022 responsibilities by eliminating the difficulties that occurred. According to audited financial reports for 2022, the Corporation achieved AZN437m ($257m) total revenue, AZN80m ($47m) EBITDA, and AZN46m ($27m) net profit results. Financial statements have been audited by Baker Tilly Audit Azerbaijan LLC, and an audit opinion has been provided accordingly.
The development of Azerbaijan's aluminum industry is considered one of the main activities of the corporation. Some 49.8 thousand tonnes of aluminum products were produced in 2022. Of which, 25.7 thousand tonnes of aluminum ingots, 9.6 thousand tonnes of hot rolls, and 14.5 thousand tonnes of cold rolls have been sold during the year.
The Corporation's other main activity is the development of the cotton production sector. Some 78,554 tonnes of raw cotton have been purchased from farmers, of which 34371 tonnes of cotton fibre, 42249 tonnes of cotton seed, and other side products were produced in 2022. During the year, 21169 tonnes of cotton fibre and 35887 tonnes of cotton seed were sold.
It should be noted that positive dynamics have been achieved in financial results over the past three years.
Moreover, the Corporation's total revenue was AZN278.9m ($164,06m) in 2020, AZN429m ($252,4m) in 2021, and AZN437m ($257,1) in 2022. The EBITDA result was AZN18.3m ($10,8m) in 2020, AZN84m ($49m) in 2021, and AZN80m ($47m) in 2022. Net profit amounted to AZN -2.8m ($1.7m) in 2020, AZN 44m ($25.9m) in 2021, and AZN 46m ($27m) in 2022.
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