Financing of land reclamation department rose by one third

In 2022, “Azerbaijan Land Reclamation and Water Management” OJSC (“Azmelsutasarrufat” JSC) was allocated AZN 691.1 million from the state budget, which is up by 35.8% from the previous year, the consolidated financial report of the state-owned JSC says. Revenues of the amelioration department from sale of irrigation water to private companies and water users associations (AZN 3 million 730.7 thousand) dropped by 22.5%. Note that the state allocated AZN 418.6 million for operation and maintenance of land reclamation and water management facilities and AZN 272.5 million for construction works. During the year, “Azmelsutasarrufat” JSC spent AZN 297.2 million on acquisition of various assets, which is up by 75% from 2021). Also, AZN 225.1 million (+0.9%) was paid to suppliers of goods, works and services in 2022. It may be reminded that the 72 structural units of “Azmelsutasarrufat” employ 19,497 people, whose average monthly salary has been raised from AZN 408.5 to AZN 481 in 2022. At that, AZN 138.9 million was spent on their maintenance during the year. The amelioration department provides accounting reports according to the International Public Sector Accounting Standards in view of the requirements adopted in 2022 for the operation of assets totalling AZN 117.8 million for the end of the fiscal year with a profit of AZN 59.4 million. As of January 1, 2023 “Azmelsutasarrufat” JSC’s assets are estimated at AZN3 billion 753 million (+6%).

Source: Turan News Agency