"Norm" OJSC Reports Significant Improvement in Financial Indicators for 2023

The company shared its audited financial results for 2023, which show a significant increase in financial indicators compared to the previous year. Sales revenue of "Norm" OJSC increased by 11%, reaching 226 million AZN, while gross profit increased by 21.1%, reaching 109 million AZN. Operating profit rose by 8.1 million manats, i.e 14.6% to 63.5 million manats, and pre-tax profit increased by 31% to 66.8 million manats.

Elvin Mirzayev, the Chief Financial Officer of "Norm" OJSC, stated that the company successfully continued its activities in 2023 and managed to increase both its revenues and net profit. He also noted that the company became one of the largest tax-paying enterprises in the country, having paid more than 14 million AZN in profit tax last year.

Henning Sasse, CEO of the company, emphasized that "Norm" OJSC successfully completed the past year as the leader of the cement market: "We are aiming to expand in the building materials segment, and the feasibility study of these projects is being prepared with international consultants. Also, this year our company joined the "Net Zero Accelerator" initiative with the members of the Azerbaijan Cement Producers Association. Together with the members of the association and the European Cement Research Academy (ECRA), we are actively working towards the development of a Net Zero Roadmap for reducing carbon emissions in the cement and concrete industry of Azerbaijan.

 

Our goal is to finalize the roadmap and present it to the public for the COP29 event."