Independent Audit of the financial statements of Azerbaijan Investment Company Open Joint Stock Company (OJSC) dated December 31, 2021 was carried out in accordance with International Financial Reporting Standards.
Through improvement of business processes,the company has successfully completed the reporting period as a result of increased operational efficiency, fundamental organization of risk management and compliance control in the company, introduction of dual control in project evaluation, improvement of financial and tax accounting reporting.
The expenses of AIC were optimized, and the profit indicators of the main investment portfolio and fixed-income portfolio increased as a result of successful activity of the company.
During the reporting period, the company's investment portfolio grew by 12%, and its fixed income portfolio grew by 16%. Thus, interest income increased by 28% in 2021 in comparison with last year. Net profit of the company was 11.8 mln. manats during the last 2 years.
The financial report of AIC dated 31.12.2021 was audited by Pricewaterhouse Coopers (PWC), a prestigious international audit company.
Note: Azerbaijan Investment Company OJSC was established by the Decree of the President of the Republic of Azerbaijan On Additional Measures for the Promotion of Investment Activity dated March 30, 2006. The main goal of AIC is to make short-term investments in commercial enterprises of Azerbaijan,as well as to promote the development of the non-oil sector at its own expense and by attracting other investors.