Azercosmos's accumulated losses surpass $220M

The Space Agency of Azerbaijan (Azercosmos) under the Ministry of Digital Development and Transport ended 2024 with a loss of 32.25 million manats (nearly $19 million), 40.8% less year-on-year, Report informs, citing the agency.

Despite the annual decline, the agency's accumulated losses rose by 9.3%, reaching 379.574 million manats (approximately $223.2 million).

In 2024, Azercosmos generated 37.694 million manats in service revenue, down 8.5% year-on-year. Service costs totaled 38.151 million manats (a 6.5% decrease), while general and administrative expenses dropped by 34.8% to 22.447 million manats. The agency recorded a net gain of 112,000 manats from trade receivables, reversing a loss from the previous year.

During the same period financial expenses fell by 19.6% to 12.742 million manats, while financial income declined by 7.3% to 6.418 million manats. Foreign currency income reached 1.428 million manats, also reversing a prior-year loss. Other expenses amounted to 4.562 million manats, down 44.8%.

As of January 1, 2025, Azercosmos's total assets stood at 502.675 million manats, a slight decrease of 1.1% year-on-year. Liabilities dropped by 15.5% to 264.825 million manats, while balance capital rose by 21.9% to 237.85 million manats. The agency"s charter capital increased significantly-by 60.2%-to 473.606 million manats.

The Space Agency was established based on Azercosmos OJSC, which had been operating since 2011, under the decree of President Ilham Aliyev dated April 27, 2021.

According to the current exchange rate, $1 equals 1.70 Azerbaijani manats (AZN).