The Space Agency of the Republic of Azerbaijan (Azercosmos) ended last year with a net profit of AZN1.4m ($0.82m), Azernews reports citing the report of Azercosmos dedicated to the results of the end of 2022.

Azercosmos told that the company ended 2022 with a profit. The total profit of the agency was AZN4.4m ($2.6m), and the net profit was AZN1.4m ($0.82m).

Generally, the main part of Azercosmos revenues is formed from the export of satellite services. Azercosmos ranks first among state and non-state exporters in terms of export volume in the service sector. In 2022, the agency's export portfolio for Azerspace-1, Azerspace-2, and Azersky satellites was mainly made up of leading companies from countries such as Great Britain, France, Luxembourg, the United Arab Emirates, and Pakistan. This, in turn, means, on the one hand, the strengthening of the liquidity of Azercosmos and, on the other hand, a stable flow of foreign currency to Azerbaijan.

Established in 2010, Azercosmos is the only satellite operator in the South Caucasus region that provides high-quality satellite services for telecommunications and geographic intelligence.

Azercosmos along with Azerspace-1, Azerspace-2, and Azersky satellites, facilitates the reception of signals from satellites of other satellite operators via a fiber-optic network.