In 2021, the Ganja automobile plant earned 84.8 million manats (about $50 million) from the sale of goods which is down by 14.3% from the previous year. This is stated in the financial report of the enterprise.

The cost of sales rose from 87.8% to 91.4% (AZN 77.6 million). The company’s selling and administrative expenses also rose significantly. According to the results of 2021, AZN 2.5 million of balance sheet profit was gained which is down by AZN 6 million from a year earlier. The plant’s net profit amounted to over 2 million manats which is dowbn by 3.6 times from 2020.

At the beginning of this year, the Ganja automobile plant owed AZN 6.4 million in loans, AZN 3.5 million in taxes and other obligatory payments. The plant’s assets reached AZN 100 million.

Note that the Ganja automobile plant cooperates with Belarusian and Russian automobile plants which are experiencing difficulties due to Western sanctions.

Source: Turan News Agency