The insurance company Azergarant had 576.18 thousand manat of net profit last year, an increase of 14.1% compared to the financial performance in 2013 (504.87 thousand manat).
According to the company's financial statements confirmed by the auditor's report, last year's total revenues were at the level of 1 million 236.82 thousand manat. In the first place there were net premiums - 267.94 thousand manat, premiums received for reinsurance made up 236.86 thousand manat, and income from investments made up 220.85 thousand manat.
Expenses of Azergarant in 2014 amounted to 516.6 thousand manat, including insurance payments in the amount of 47.73 thousand manat and the costs of doing business - 457.713 thousand manat, etc.
Pretax profit for 2014 amounted to 720.23 thousand manat. Income tax expense amounted to 144.05 thousand manat.
The assets of Azergarant in 2014 decreased by 4.5% to 6 million 754.14 thousand manat and the liabilities decreased 2.88 times to 251.514 thousand manat, while the capital increased by 2.4% to 6 million 502.62 thousand manat.
The deposits amounted to 3 million 265 thousand manat (minus 1.2%).
JSC Azergarant has worked in the insurance market since 1998. Its shareholders are several individuals. The authorized capital is 5 million 610 thousand manat. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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