Azerbaijan’s gold mining company AzerGold’s net profit increased by 287.3 per cent year-on-year in 2020, the company’s press service has reported. In 2020, the company's net profit increased by about 35.8 million dollars compared to 2019 and exceeded 48.2 million dollars.

According to financial audits conducted by PricewaterhouseCoopers (PwC), in 2020 the Company's gold production increased by 8.7 per cent and silver production by 17.6 per cent compared to the previous year. In the reported period, 110.2 million dollars were brought to the state economy from the sale of gold and silver, which is 27.9 per cent (24.04 million dollars) more than in 2019.

Furthermore, the Company’s total capital saw a 70.56 million dollars increase (255.9 per cent) compared to 27.57 million dollars in 2019 and exceeded 98 million dollars in 2020. The growth in total capital is based on the annual net profit and as well as an increase in the authorized capital by the state (in the amount of 22 million dollars). By the end of 2020, the share capital of AzerGold CJSC exceeded 29.5 million dollars.

It should be noted that in line with the presidential Decree dated September 1, 2020, AzerGold CJSC was authorized to study, research, explore, develop and manage ferrous metal ore deposits in the country, as well as other activities related to the development of this field.