Baku port receives net profit over $1.5 million in 2021

Baku International Sea Trade Port (Baku Port) has completed 2021 with a net profit worth 2.907 million manats ($1.71 million).

The port's net loss amounted to 2.757 million manats ($1.6 million) in 2020, Report informs.

The main operating income of the Baku port amounted to 42.196 million manats or $24.8 million (34 per cent more than in 2020), expenses related to loading and unloading operations - 9.544 million manats or $5.6 million (51.8 per cent more), depreciation expenses - 3.4 million manats or $2 million (1.7 per cent more), maintenance and repair costs - 3.339 million manats or $1.9 million (3.3 per cent less), social expenses – 982,000 manats or $577,647 (11.8 per cent less), utilities – 758,000 manats or $445,882 (7 per cent less), insurance costs – 562,000 manats or $330,588 (40.6 per cent less), expenses for events – 446,000 manats or $262,352 (16.1 per cent more), research and development expenses – 34,000 manats or $20,000 (three times less), operating expenses – 243,000 manats or $142,941 (8.1 times less), income tax payments - 1.349 million manats or $793,529 (saved in the previous year), other tax payments – 807,000 manats or $474,705 (13.4 per cent less) in 2021.

As of January 1, 2022, the assets of the Baku port amounted to 107.516 million manats ($63.2 million), which is 28.6 per cent more than a year earlier.

During the reporting period, the port's liabilities increased by 60 per cent - up to 16.008 million manats ($9.4 million), while the balance sheet capital increased by 24.3 per cent - up to 91.507 million manats ($53.8 million).

The "Baku International Sea Trade Port" was established in 2015 on the basis of the Baku port, which has been operating since 1902. Its authorised capital is 16,000 manats ($9,411). The port consists of cargo, oil and ferry terminals.