Azerenerji sees minor fall in net profit in 2024, investment down 25%

BAKU. July 7 (Interfax) - OJSC Azerenerji, the state monopoly for electricity generation and sales in Azerbaijan, posted a net profit of 173.834 million manat ($102.3 million at the current exchange rate) in 2024, down 0.7% from the previous year, according to the company's audited financial statements.

Revenue decreased 13.2% to 1.468 billion manat. Of this, electricity sales revenue amounted to 1.429 billion manat, down 15.2%, revenue from grid connection services was 1.231 million manat (down 60%) and other income totaled 37.471 million manat (up tenfold).

Operating profit declined 21.7% to 191.652 million manat.

Income from foreign currency revaluation last year amounted to 130.198 million manat (-18.8%). Net financial expenses totaled 21.854 million manat (-11.1%). At the same time, fuel expenses amounted to 685.805 million manat (-15.3%) and personnel-related expenses reached 126.223 million manat (+20.4%).

As a result, pre-tax profit for 2024 amounted to 232.339 million manat (-1.7%). Tax payments to the state budget fell 4.6% to 58.505 million manat.

The company allocated 795.85 million manat to investment activities last year, down 25.1%.

Azerenerji's assets grew 11.3% last year to 5.912 billion manat.

The company's equity rose 11.1% to 3.092 billion manat, while its charter capital remained unchanged at 1.761 billion manat.

Accumulated losses at the beginning of 2025 were estimated at over 1.821 billion manat, down 8.7%.

Liabilities increased 11.4% to 2.821 billion manat.

The official exchange rate on July 7 is 1.7 manat/$1.