BAKU: The National Depository Center (NDC) of Azerbaijan concluded the year 2023 with financial losses amounting to 69,000 manat ($40,590). This contrasts starkly with a net profit of 712,000 manat ($418,820) recorded in 2022.

According to Trend News Agency, the financial report for the past year highlighted a 10 percent increase in the center’s operating revenues, reaching 4.76 million manat ($2.8 million), up from 4.32 million manat ($2.54 million) in the previous year. Despite this rise in revenue, the NDC faced several financial challenges that contributed to the year’s deficit.

The NDC’s salary expenses remained constant at 2.03 million manat ($1.19 million), while social benefit expenses saw an increase of 4.3 percent, totaling 490,000 manat ($288,240). In contrast, depreciation expenses experienced a decline of 25 percent, amounting to 415,000 manat ($244,120). The center also reported professional services expenses of 217,000 manat ($128,000), unused vacation expenses of 78,000 manat ($46,000), insu
rance expenses of 13,000 manat ($7,500), and additional administrative expenses of 496,000 manat ($290,000).

Further contributing to the financial downturn, other income for the National Depository Center decreased significantly, dropping threefold to 196,000 manat ($115,000) from 549,000 manat ($322,000) in 2022. Additionally, the center faced other expenses totaling 1.55 million manat ($910,000) in 2023.