Information Communication Technologies Agency sharp financial losses in 2024

The Information Communication Technologies Agency (ICTA), operating under Azerbaijan"s Ministry of Digital Development and Transport, ended 2024 with a net loss of 3.74 million manats (approximately $2.2 million), Report informs.

In comparison, the agency closed 2023 with a loss of 864,000 manats ($508,235).

Notably, ICTA recorded no income in 2024-a 100% decline from the previous year. Administrative expenses doubled to 3.654 million manats (almost $2.15 million), financial expenses rose to 12,000 manats ($7,058, also doubling), other expenses increased to 14,000 manats ($8,235, up 2.4 times), and depreciation costs reached 60,000 manats ($35,294), marking a 26.3% rise.

As of January 1, 2025, ICTA"s total assets stood at 281,000 manats ($165,294), reflecting a 40.5% increase year-on-year. However, liabilities surged 20.7 times to 1.389 million manats ($817,058), resulting in a capital deficit of 1.108 million manats ($651,764) against a balance capital of just 132,000 manats ($77,647).

Established by presidential decree on October 11, 2021, ICTA is a public legal entity with a charter capital of 100,000 manats ($58,823). The agency plays a regulatory role in shaping and implementing state policy in the fields of telecommunications and postal services.