AzerGold boosts net profit 70%, assets reach $646 mln in H1

BAKU. Aug 27 (Interfax) - CJSC AzerGold boosted net profit 70% year-on-year to $56.67 million in the first half of 2026, Azerbaijan's state-owned gold and silver miner said in an interim financial report.

Sales revenue rose 24.8% to $145.62 million, and cost of sales 1.6% to $63.69 million.

Gross profit grew 50% to $81.93 million and operating profit 70% to $68.96 million. Financial income grew 2.3-fold to $1.81 million and profit before tax was $70.77 million.

The company invested approximately $3.9 million in exploration and appraisals and $8.6 million in the acquisition of fixed assets. Investments in joint ventures amounted to $10 million.

AzerGold's cash and cash equivalents grew 3-fold to $173.34 million as of the end of June. Assets totaled $645.73 million, compared to $537.14 million a year previously. Long-term assets rose 1.9% to $335.69 million and short-term assets grew 49.2% to $310.04 million.

Liabilities decreased by 3.7% to $100.01 million, with short-term down 0.6% to $56.47 million, and long-term liabilities falling 7.4% to $43.54 million.

Equity increased by 26% to $545.72 million, and charter capital rose 4.5-fold to $163.71 million.

AzerGold was established by a presidential decree dated February 11, 2015. It prospects, explores, develops and operates gold and iron ore deposits.