MIDA`s net profit for 2019 exceeds AZN 5.3 million


September 22, Fineko/abc.az. The State Housing Construction Agency (MIDA) completed 2019 with profit of AZN 5.34 million (versus net profit of AZN 3.015 million in 2018).

ABC.AZ reports that in 2019 the State provided assistance to MIDA by 8.8% more than in 2018 – AZN 1.5 million.

Over the reporting period Agency's financial earnings amounted to AZN 7.72 million (an increase of 76.6%).

MIDA increased general and administrative expenses by 60% in 2019, bringing them up to AZN 3.18 million. In contrast to 2018, the Agency suffered a net loss of AZN 693,000 on temporary and financial assets, and AZN 7,000 on lease obligations.

MIDA's assets as of 1 January 2020 amounted to AZN 205.434 million (by 97.9% or almost 2-fold more than a year ago).

During the reporting period Agency's liabilities grew almost 110-fold and reached AZN 34.58 million, while the balance sheet capital increased almost by 65% up to AZN 170.85 million.