Most of the projects are oil and gas infrastructure projects which are carried out within the scope of EPC. (Engineering, Procurement, Construction) In all projects, the project capital requirement was covered by the company assets by eliminating the need for loan utilization.
Profitability figures of the last 2 year varies depending on the periodicity & optimization of revenue accruals & tax. Due to the high capital requirement of the TANAP project, most of the revenues and profit were realized in 2017. Turkey has been selected as the main profit location for Kazakhstan operations. Profitability has been realized higher, due to tax optimization in Azerbaijan operations.
In Turkey, tax exemption applies to Turkish EPC companies which have operations in Azerbaijan. Therefore Azerbaijan operations of ENEFCON are tax exempted.