Food Giant Announced Price Increase of Its Products

The Chairman of the Supervisory Board of the Company Azersun Holding Abdolbari Goozal today announced a price increase made by the enterprises of the food products of the holding.

Speaking at the Third International Conference Caspian Energy Forum-2015, Goozal said that the whole of his business depends on imports of raw materials by 50%. For some types of products it is 60%, and for a few (e.g., salt) - 10%. The devaluation burden regards both producers and importers, he said.

The owner of Azersun Holding believes that the impact of the devaluation of the manat to the local production will increase by 15-17%, and on imported goods - by 34%, as much as the national currency have devalued.

Note that the manat was devalued by the decision of the Board of the Central Bank. After that, the President instructed the government to take control of the market so that food prices are not increased. Many companies, including Ltd. Azersun Holding, a manufacturer of sugar cubes, granulated sugar, tea, vegetable oil, salt, canned fruits and vegetables, dairy and meat products, have announced that they have not raised prices for products.

It is expected that a gradual increase in food prices will come after the Novruz holiday.

In 2013, the company Azersun Holding had revenue from sales of products and services at the level of 358.5 million AZN (excluding VAT). -------08D