Holcim Azerbaijan sees sharp decline in net profit 

Holcim Azerbaijan OJSC ended 2020 with AZN 2.15 million in net profit, 4.3-fold less than a year earlier, Report informs.

The sales revenues amounted to AZN 100.716 million (16% less than the previous year), cost of sales to AZN 59.118 million (-9.9%), delivery costs to AZN 15.279 million (-23.5%), general and administrative expenses to AZN 8.593 million (-20.4%), sales expenses to AZN 2.287 million (-45.8%), loss from change in reserve for financial assets to AZN 588,000 (income a year ago), loss from change in tax reserve to AZN 1.361 million (income a years ago), financial expenses to AZN 10.670 million (-8%), loss from the difference in the exchange rate to AZN 513,000 (income a year ago), other incomes to AZN 783,000 (+ 2.4 times), and profit tax payments to AZN 940,000 (- 5.9 times).

As of January 1, 2021, the assets made up AZN 292.831 million, showing a 4.5% decline compared to a year earlier. Liabilities dropped 9.5% to AZN 151.532 million, and net worth ascended 1.5% to AZN 141.299 million.

Holcim Azerbaijan, the largest cement producer in the country, was established in 2000. Authorized capital is AZN 31,812,880. Swiss Lafarge Holcim and Holcim Auslandbeteiligungs GmbH. own 86% of the company’s shares (76% and 10%, respectively), and 14% of shares were owned by individuals.