One of the oligarchic business structures of the country announced a loss for 2014 amounting to 66.5 million manats, which is more than three times more than in the previous year (20 million manats).
As noted in the audited consolidated financial report of the holding, revenues of the group from the production, trading activities and services amounted to 16.7 million manats, which is 7.7% more than in the previous year. This direct spending on them amounted to 26.8 million manats, increasing by 2 times.
Payment of administrative and other operating expenses was 55.8 million manats, which is 22.7 million AZN more than in 2014.
It is noteworthy that while at the end of 2013 the capital of the holding, which includes 22 companies, was 132.5 million manats, as of 1 January this year the capital had a negative figure of 24.2 million manats.
In 2014, the holding company took a long-term debt in the amount of 137 million manats. Total assets of Synergy Group for 2014 fell from 136 million to 120 million manats.
Shareholders took 142.4 million mantas from the turnover. At the same time they put 29.8 million AZN in the share capital and invested 22.2 million manats.
The report notes that 99% of the shares of the group belong to Ashraf Kamilov. ----08
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