Joint venture of SOCAR and Tekfen disclosed its financial position

Azfen LLC ended 2024 with a net loss of 25.915 million manats. However, the company exited 2023 with a net profit of 11.466 million manats.

As reported by BAKU.WS with reference to Report, last year Azfen's revenue from contracts with clients amounted to 75.217 million manats (2.9 times less than in the previous year), contract expenses - 98.881 million manats (49.5% less), administrative expenses - 6.169 million manats (29.3% less), financial income - 144 thousand manats (there was a loss in the previous year), other losses - 1.139 million manats (71.2 times more), other operating income - 397 thousand manats (3.4% less), and income tax payment savings amounted to 4.71 million manats (in the previous year the company paid tax).

As of January 1 this year, Azfen's assets amounted to 247.346 million manats, which is 10.6% less in annual comparison. During the reporting period, the company's liabilities decreased by 13.2% to 21.73 million manats, and the balance capital decreased by 10.3% to 225.616 million manats.

Recall that Azfen was registered in 2004. Its authorized capital is 277 thousand manats. 60% of the company's shares belong to the State Oil Company of Azerbaijan (SOCAR), and 40% to the Turkish company Tekfen İnşaat və Təsisat Anonim Şirkəti.