Baku Metro posts higher loss in 2024 despite rising revenues

Baku Metro CJSC ended 2024 with a net loss of 139.6 million manats ($82.12 million), up 81.6% compared to the previous year, Report informs, citing the company's financial statement.

Accumulated losses increased by 4.7%, exceeding 3.11 billion manats ($1.82 billion).

Passenger transportation revenues totaled 100.6 million manats ($59.18 billion) in 2024, representing a 20.6% increase year-on-year. State budget subsidies rose by 30.2% to 50 million manats ($29.4 million), while other operating income declined by 4.4% to 5 million manats ($2.94 million).

Expenses related to impairment of fixed assets surged by 86.6% to 148 million manats ($87.06 million). Personnel costs increased by 15.4% to 86.3 million manats ($50.76 million), while electricity expenses rose by 3.7% to 13.9 million manats ($8.18 million).

As of January 1, 2025, Baku Metro's total assets stood at 418.8 million manats ($246.35 million). Liabilities grew by 34% to 33.3 million manats ($19.6 million), while equity declined by 1.1% to 385.5 million manats ($226.76 million).