State Lottery Company Earned Profit of 3.3 Million Manat

Azerlotereya OJSC, the state monopolist in lottery sales, raised 33.4 million AZN from the sale of over 29 million lottery tickets in 2016. The cost of sales was estimated at 31.1 million AZN. This is stated in the company's audited financial report.

During the year, another 1 million AZN was also recovered from the overdue claims for monetary and other benefits. The volume of the winning fund exceeded 21.5 million AZN.

826,000 AZN was transferred to the state budget in the form of taxes (including VAT), and 105,300 AZN was transferred to the State Fund for Social Security. In the form of dividends, the state budget in 2016 also received 500,000 AZN from Azerlotereya OJSC, the report says. By the end of 2016 the company’s net profit was 2 million 691 thousand AZN and the undistributed profit was 7 million 738 thousand AZN.

The founder of Azerlotereya OJSC is the Ministry of Economy on behalf of the state. The Minister of Economy Shahin Mustafayev is the President of the Table Tennis Federation. In 2016, the company sponsored this federation in the amount of 200,000 AZN.

According to another report submitted by Azerlotereya OJSC to the Ministry of Economy, in 2016 5.5 million AZN was paid to four companies (Lotto Yayim, Globnet Systems, Mobil Lotto and Azerintellect) to organize the sale of lottery tickets.   ---08B