At the May 27 general meeting of shareholders on the results of 2013, it was decided to send the net profit of JSC Capital Bank for the payment of dividends to the shareholders. The bank also increased its registered capital by 24 % due to retained earnings at the end of 2012.
By the end of 2013 the shareholders received dividends totaling 21 million 301 thousand manats. Stock returns at face value of AZN 10 were 14%. Profit of 35 million 850 thousand manats will be forwarded to increase the authorized capital. Thus, the nominal value of the shares was brought to AZN 12.39.
Shareholders of Capital Bank approved the report for 2013. The Management Board informed the shareholders that the preliminary figures give grounds for assuming a higher return on equity.
JSC Capital Bank has about 170 shareholders. The holder of 99.84 % of its shares is LLC Pasha Holding. The bank was privatized in 2007. Since that time, no dividends were paid and the authorized capital was increased from 24 million to 150 million manat. -08B-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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