"Norm" OJSC increases sales by 11% in 2023

"Norm" OJSC’s audited financial results of 2023 saw sales income increased by 11 per cent YoY to AZN226m (US$132.9m), while total profit increased by 21.1 per cent to AZN109m. Operating profit increased by 14.6 per cent YoY to AZN63.5m and pre-tax profit increased by 31 per cent YoY to AZN66.8m in 2023.

Elvin Mirzayev, CFO of "Norm" OJSC, said that the company successfully continued its activities in 2023 and managed to increase both its income and net profit. He also noted that the company was one of the largest tax-paying enterprises in the country, paying more than AZN14m of tax in 2023.

Henning Sasse, company CEO, emphasised that "Norm" OJSC successfully completed the past year as the leader of the cement market: "We are currently aiming to expand in the building materials segment, and technical and economic justification 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 Manufacturers 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 finalise the Road Map and  present it to the public at the COP29 event."