LLC Azersun Holding, the largest agro-industrial group in Azerbaijan, carried out in 2013 sales totaling 358.5 million manat, which is 74% (153 million manat) more than in the previous year. At the same time, according to the consolidated financial statements, the aggregate net income (28.5 million manat) of the participating companies in the holding rose by only 3 million manat.
The consolidated profit of the Group sales amounted to 81.4 million manat, which is 10% (7.5 million manat) more than in 2012. After deducting operating (5.4 million manat), commercial (37.8 million manat), administrative (4.7 million manat) and so forth expenses, the income before income taxes amounted to 35.2 million manat. The holding paid to the state budget only tax profits of 6.6 million manat. In 2012, this figure was around 4 million manat.
Last year, the total assets of LLC Azersun Holding existing since 1991 declined by about 7% to 348.8 million manat. With authorized capital of 72.5 million manat, the group at the beginning of January this year had retained earnings in the amount of 80 million manat.
According to the published report of the holding company, it includes 12 companies specialized in the food industry (Azerbaycan Duz Istehsalat Birliyi, Baki Qida ve Yag Fabriki, Kurdemir Sud Emali Zavodu, Sun Tea Chay Fabriki, Lankaran Konserv Zavodu, Qazakh Konserv Zavodu, Qafqaz Konserv Zavodu), as well as agriculture, trade and construction. The holding has also related companies operating in the financial sector, packaging and paper industry and other sectors of the real economy. --08B--
Economics
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Azerbaijan’s State Agency for Tourism has inspected more than 300 hotels and lodging establishments across Baku, Sumgait, and the Absheron district as part of its preparations to accommodate international visitors attending the upcoming COP29 climate summit. Approximately 220 of these locations have now received an official star rating, with 10 hotels designated as five-star, 20 as four-star, and the remainder across other star ratings.
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For several months now, there have reportedly been delays in the disbursement of pensions and social payments in Azerbaijan. Pensioners say that the delays range from three to five days. For example, they emphasize that while disability pensions used to be paid by the 15th of each month earlier in the year, for the past three months, payments have been made on the 20th or 21st.
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Azerbaijan's revenues from tobacco exports have skyrocketed, with earnings from the first eight months of 2024 reaching $15.6 million, a nearly fivefold increase from $3.2 million during the same period last year. The sharp rise highlights the expanding international demand for Azerbaijan's tobacco products.
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Azerbaijan imported 11,100 tons of tea worth $57.9 million in the first nine months of this year, according to the State Statistics Committee, marking a 14.4% rise in volume and a 13.9% increase in value compared to the same period in 2023. However, with only 500 tons of tea exports totaling $4.8 million, Azerbaijan remains heavily dependent on imported tea, which meets 98% of domestic demand.
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