Accord Corporation Comes to 12.7% Profitability

Accord Corporation, after two years’ break, issued the annual financial report for the 2014 fiscal year. Last year, the joint-stock company gained 19.8 million manats of profit, while in the previous year its loss made up 45 million 250.4 thousand manats.

In 2014, the income of Industrial-Construction Investment Corporation Accord from the industrial and construction activities amounted to 155.7 million manats, which is 2.2% less than in 2013. Taking into account the costs, the gross profit was about 53 million manats, which is 20 million manats more than in 2013. Administrative, financial and other expenses decreased corporate profits to 19.8 million manats.

It is noteworthy that the corporation did not pay profit tax for 2014.

According to the financial report audited by MAK Azerbaijan ltd., at the beginning of 2014 the unpaid losses of the Corporation were 106.1 million manats. By the beginning of 2015 the retained earnings of Accord exceeded 69 million manats.

Debts of Accord for 2014 declined from 567.6 million to 531.1 million manats. The debtor debts of the corporation at the beginning of the year amounted to 218.2 million manats.

In 2014 there was a change in the shareholder structure: the founder of the Corporation Ilgar Hajiyev sold his share to another shareholder Darya Veliyev, after which Veliyev’s shares reached 49%. The controlling stake of JSC Industrial-Construction Investment Corporation Accord is owned by LLC VIP Estate.

According to the annual report, Accord has over 10% share in only two companies – Ac cord Novanord Construction (50%) and LLC Deutsche Fassaden Technologien (80%).

Reports of Accord were approved at the general shareholders' meeting of 14 August. ---08D