AzerGold reports $33.2M net profit in H1, up over 31 times year-on-year

Azerbaijan's state-owned gold mining company, AzerGold CJSC, recorded a net profit of $33.177 million in the first half of this year.

According to Report, this is 31.6 times higher than in the same period last year.

From January to June, AzerGold's revenue from sales reached $116.686 million - 2.2 times more than a year ago. The cost of sales rose by 59.2% to $62.676 million, while general and administrative expenses increased by 38.9% to $13.956 million.

The company reported other income of $696,000 and interest income of $788,000, both of which were recorded as expenses in the same period last year. Profit tax payments soared to $8.362 million, 52.6 times higher than the year before.

As of July 1, AzerGold's total assets stood at $537.137 million, marking a 17% year-on-year increase. Liabilities decreased by 26.3% to $103.804 million, while equity rose by 36.2% to $433.333 million.

AzerGold was established in 2016 by a decree from Azerbaijani President Ilham Aliyev dated February 11, 2015. With a charter capital of $36.47 million, the company plays a significant role in developing Azerbaijan's non-oil sector. Its core operations include exploration, extraction, processing, and sale of precious and non-ferrous metal ores, as well as the application of new technologies and modernization of its material and technical base.