Norm OJSC achieves high financial indicators in 2022

Norm OJSC has published its audited financial results for 2022. The company significantly improved its financial position compared to the previous year, with a 19% increase in revenue, reaching 203.6 million manats ($119.6 million), and a 27% increase in gross profit. Additionally, the company increased operating profit by 34% and profit before tax by 40%, reaching 55.4 million manats ($32.55 million) and 51 million ($30 million), respectively.

"Last year, as Norm OJSC, we not only improved our sales but also continued to operate sustainably as the leading player in the Azerbaijani cement industry. Through various optimizations and increased operational efficiency, we successfully raised our annual cement production capacity by 100 thousand tons, reaching a total capacity of 2.1 million tons of cement per year," commented Henning Sasse, Chief Executive Officer.

During the past year, the company's profitability indicators showed significant improvement.

"In 2022, despite the high global inflation level, we managed our costs efficiently, resulting in improved profitability indicators. As a result, we made a record payment of 15 million manats ($8.81 million), encompassing profit tax and other taxes, to the state budget on behalf of Norm,” commented Elvin Mirzayev, Chief Financial Officer.

Norm OJSC is part of NEQSOL Holding, a diversified group of companies operating in energy, telecommunications, high technologies, and construction industries in different countries.