Net Profit of Azfen Increased by 35.4%

The Azerbaijani-Turkish joint venture construction and engineering AzFen (SOCAR-60%, Tekfen Inshaat ve Tesisat AS - 40%) in 2014 complied with the volume of construction worth about 270 million manats, about twice more than in the previous year. The company is mainly engaged in expanding the gas terminal Shah Deniz to BP’s order.

According to the financial report of the company (an independent auditor - the company DRT, Turkey), last year the total income of the company after deducting the cost of the work amounted to 38.1 million manats, which is 11.5 million AZN more than in 2013. Additional costs also included general and administrative expenses (2 428 000 manats + 1.5%), social costs (5 282 000 manats + 64.3%), operating expenses (1 524 000 manats + 3.4 times). Thus, AzFen profit before taxes amounted to 22.8 million manats. Last year, the company paid income tax in the amount of 6.8 million AZN - 2.5 million AZN more than in the previous year.

The net income for 2014 was 22 million AZN, an increase of 35.4%.

In 2013-2014, the founders of AzFen shared dividends of 10.2 million and 16.3 million manats, according to the annual report. During the year the company's balance sheet has grown by about two times and exceeded 124 million manats, while the capital of the founders includes only 55 million manats (+ 11.6%).

Last year the company spent on the purchase of fixed assets more than 14 million manats.

SP AzFen (founded in 1996) is one of 28 commercial entities in Azerbaijan, which prepares financial statements in accordance with International Accounting Standards. --- 08B