BAKU, Azerbaijan, April 2. Ipek Yolu Sigorta OJSC ended its fiscal year in 2023 with a net profit of 669,000 manat ($393,500), 7.8 percent less than in 2022, Trend reports.
According to the financial statements of this insurance company (IC), the insurance company's income in 2023 amounted to 19.8 million manat ($11.6 million), which is 3.6 percent less than the previous year. Expenses decreased to 19 million manat ($11.1 million) (-3.4 percent), and income tax payments amounted to 167,000 manat ($98,235) (-7.8 percent).
Assets of Ipek Yolu Sigorta amounted to 31.7 million manat ($18.6 million) as of January 1, down by 1.4 percent compared to the previous year. During the reporting period, the company's liabilities decreased by 2.2 percent to 16.3 million manat ($9.5 million), while the balance sheet capital decreased by 0.5 percent to 15.4 million manat ($9 million).
To note, Ipek Yolu Sigorta Insurance Company has been operating in the insurance market of Azerbaijan since 1996.
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