Sales of social apartments reduced

MIDA Ltd”. sold 1,555 apartments in 2021 which is down by 180 units (10%) from a year earlier. At that, proceeds from apartments sales (AZN 72.5 million) over the year dropped by 20%, according to the audited financial statement of the state-owned company.

When adjusted for the housing fund accepted from investors worth over AZN 6 million, as well as earnings on utilities (AZN 671,000), “MIDA”s earnings for 2021 exceeded AZN 79 million.

Note that “MIDA”s earnings, taking into account the cost of sold apartments in 2021, made up AZN 7.7 million which is down by 8% from the previous year. The company’s general and administrative expenses for 2021 (AZN 10.1 million) grew by 16.2%.

At the beginning of this year, “MIDA Ltd”. has debt obligations to the founder (State Housing Agency) on issued and placed interest-bearing bonds (from 1% to 3% annually) totaling 210 million manats. Bonds worth AZN 100 million were placed last year. Besides, in 2021 State Housing Agency granted “MIDA Ltd.” interest-free debt worth AZN 50 million.

Last year “MIDA Ltd.” transferred to the balance of state structure objects of municipal and social infrastructure a total sum worth AZN 17.6 million. and AZN 6.5 million in 2020 which had effect on the company’s capital.

As of January 1 of this year, the assets of “MIDA Ltd.” are worth AZN 461 million. Of them, AZN 297 million are investments in buildings under construction.

Recall that “MIDA Ltd.” was founded in 2016 as a customer for the construction of social apartments for socially privileged categories of the population.

Source: Turan News Agency