The official distributor of the Russian automaker AvtoVAZ in Azerbaijan, OJSC Khazar-Lada has decided to release corporate bonds in the amount of 5 million manat.
The decision was made by the shareholders of Khazar-Lada on the recommendation of the Supervisory Board. Attraction of additional investment to the development of the society will be carried out on bail of the company's property. Funds are required for the purchase of new models of Lada.
In 2013, the sales of Lada in Azerbaijan declined from 9,675 (2012) to 4,592. The main reason for the decline in the sales volume is application of new technical standards for motor vehicles in Azerbaijan. Revenues from sales amounted to 32.3 million manat, decreasing by 41.5%. Net profit of JSC Khazar-Lada decreased by 5.6 times and amounted to 100 thousand manat, of which 40% was directed to the payment of dividends.
It should be noted that AvtoVAZ is going through a serious crisis - production of the automaker declined nearly 10 times in the first quarter.
Shareholders of Khazar-Lada are AvtoVAZ and 15 individuals. The Chairman of the Company Fahraddin Gasimzadeh controls 67% of its shares. -08B-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review