Azerenergy Joint Stock Company released its financial report for the year 2022, revealing a notable increase in net profit. The organization reported a net profit of 436.5 million manats, which is nearly three times higher compared to the previous year. Baku/03.08.23/Turan: During the same period, Azerenergy witnessed a significant rise in revenue from the sale of electricity, reaching 1,840.6 million manats, representing a growth of 43.7%. However, fuel costs also increased, reaching 806.4 million manats, which is 27% higher than before. At the start of the current year, Azerenergy's assets showed a rise of 9% compared to the previous year, totaling 4,522.5 million manats. The liabilities of the company decreased by 11.6%, amounting to 2,213 million manats, while the balance sheet capital increased by 40.4% to reach 2,309.5 million manats. The authorized capital remained unchanged at 1,760.5 million manats. In 2022, Azerenergy JSC played a significant role in the production of electricity in the country, producing a total of 26,186.9 million kWh of electricity. Most of this production, about 90%, is accounted for by thermal power plants, which is approximately 24,708.2 million kW in nationwide electricity production. In 2021, more than 27.855 billion kilowatt-hours of electricity were generated in Azerbaijan by all types of power plants. This means that the profit is not made at the expense of electricity production. Experts note that Azerenergy's profit is obtained due to implementation of electric power projects in the territories of the Karabakh economic region liberated from occupation. Total investments for the renewal of the region in three years exceeded 6 billion. manats

Source: Turan News Agency