The cement company Norm, which started in 2013 to manufacture cement in the Garadagh district of Baku, at the end of 2014 gained an income - 713 thousand AZN.
According to the financial report subjected to an audit by Deloitte, last year the sales revenue was 51.8 million AZN. In view of the direct cost of sales the profit amounted to 18 million 187 thousand AZN.
Over the past year the company's assets (258.5 million manats) increased by 9.4%. Commitments of Norm LLC to creditors and suppliers were 151.7 million mantas at the beginning of the year.
The construction of the Norm cement plant started in 2011. The production capacity is 5,000 tons of clinker per day and 2 million tons of cement per year. This is the largest cement plant in Azerbaijan. --- 08D
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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