Karabakh Revival Fund’s 2024 financial statements successfully pass audit conducted by PwC Azerbaijan
The Karabakh Revival Fund has published its financial statements prepared in accordance with International Financial Reporting Standards (IFRS) as of December 31, 2024, as well as the audit report (opinion) of the independent auditor PwC Azerbaijan regarding the audit conducted for the relevant period.
The Fund’s financial statements include the statement of financial position as of December 31, 2024, the statement of profit or loss and other comprehensive income for the year ended on that date, the statement of changes in equity, and the statement of cash flows.
In the opinion provided by PwC Azerbaijan, the independent auditor appointed by the decision of the Supervisory Board of the Fund, regarding the financial statements of the Karabakh Revival Fund as of December 31, 2024, it was noted: “In our opinion, the financial statements present fairly, in all material respects, the financial position of Karabakh Revival Fund (the Fund) as of December 31, 2024, and the Fund’s financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards.”
It should be noted that the auditor’s opinion was accepted by a relevant decision of the Supervisory Board.
For information, it should be noted that a total of 80,286,899 AZN in donations was received by the Karabakh Revival Fund in 2024.
At the same time, it should be noted that by placing a portion of its free funds in securities, the Fund earned 74,579,021 AZN in financial (investment) income during 2024.
The financial income obtained increased by 58% compared to the previous year. As a result, the share of financial income in the Fund’s total annual income increased from 18.60% to 48.16%.
Thus, as of December 31, 2024, the total assets of the Fund increased by 9.5% or 140.7 million AZN, reaching 1,617,812,902 AZN.
At the same time, it should be noted that the Fund’s profit tax for 2024 amounted to 14,596,022 AZN, which is 5,198,877 AZN (55.32%) more compared to 2023.
The Fund’s financial statements and the auditor’s opinion are available on the Fund’s official website in both Azerbaijani and English.
In Azerbaijani: https://qdf.gov.az/media/files/article/255/MHBS-uygun-Maliyye-Hesabatlari-ve-Musteqil-Auditorun-Hesabati-2024.pdf
It should be recalled that according to the Charter of the Karabakh Revival Fund, which was established by the Decree of the President of the Republic of Azerbaijan H.E. Ilham Aliyev dated January 4, 2021, the Fund applies progressive corporate governance standards in its operations and management. In accordance with these standards, appointing an external auditor and approving the audit report are among the main responsibilities of the Supervisory Board.
