In the first half of 2012, revenues of Azerbaijani air companies totaled 90.3 million manta, by 25.2% more than in the same period last year. However, the air companies had large losses.
In contrast to the foreign air companies, neither state airline CJSC "Azerbaijan Airlines", nor private Ltd. "Turan Air" publish reports on financial and economic activities. Although AZAL, in compliance with the law, is required to publish the annual financial report. The only source of information on the results of their activity is State Statistical Committee (SSC), which provides summary data.
According to the SSC, in January-June, local air companies spent on passenger carriages 115.7 million manat, by 4.8% less than in the same period of 2011. Thus, the losses on passengers carriages totaled 25.4 million manat. It is noteworthy that over the reported period local airlines carried 685.200 passengers. This is by 14.5% more than in the same period of 2011. The share of AZAL is 98.5% of passenger traffic.
State Statistical Committee told Turan, that in 2011, with total income AZN 181.8 million (+37.4%) losses of airlines reached 63.1 million manat. 08B
Economics
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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