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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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