Ganja Automobile Plant’s net profit decreased


August 4, Fineko/ The Ganja Automobile Plant completed 2021 with net profit of AZN 2.022 million (3.7-fold less than in 2020).

ABC.AZ reports that last year, GAP's main operating income totaled AZN 84.867 million (14.2% less than a year earlier), the cost of sales AZN 77.6 million (10.7% less), commercial expenses AZN 1.5 million (15.3% more), administrative expenses AZN 2.65 million (12.8% more), other operating expenses AZN 529,000 (11.2% less), income tax payments AZN 506,000 (3.7-fold less).

As of 1 January 2022, GAP assets reached AZN 97.7 million (20.3% more than the annual figure). Company's liabilities grew by 29.3% up to AZN 66.097 million and the balance sheet capital by 5.1% up to AZN 31.625 million.

GAP with authorized capital of AZN 3.57 million was laid down in 1986 and is designed for production of 30,000 medium-tonnage cars. Within the project the construction of the plant was supposed to be completed in 1989, but as a result of the collapse of the Soviet Union, it remained unfinished. Only in December 2004, the company started working, and the first car was assembled here.