Assets of the insurance company Gala Sigorta in 2016 increased by 6.9% or 2,949,237 manat in comparison with 2015, making 45,704,740 manat.
The capital of the company for the reporting period increased by 5,447,600 manat or 44.4% and is 17,720,210 manat.
For the specified time, the obligations of Gala Sigorta decreased by 2,498,364 manat or 8.2%, amounting to 27,984,529 manat.
In the past year, the company's revenues amounted to 40,003,987 manat, and the expenses were 36,736,198 manat. The net profit was 2,589,472 manat. -71D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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