In 2022, consolidated losses of Azerbaijani investment holding “LU-MUN Holding” totalled AZN 13.5 million, down 17% year-on-year. Nevertheless, the holding’s shareholders continued to make capital investments as well as provide it with long-term loans. According to the financial report http://lmh.az/reports, the accumulated losses of the holding, which unites 4 companies, reached AZN65 million ($38.1 million) at the beginning of 2023. As of the beginning of this year, the group had liabilities of AZN 76 million, including AZN 65.2 million to its shareholders, whose names are not disclosed. During the year, they contributed AZN13.6 million to the capital to compensate for losses. Portfolio companies of “LU-MUN Holding” group (“Azerbaijan Poultry” LLC, “Azerbaijan Fish Farm” LLC, “Azerbaijan Flowers” LLC and “Azerbaijan Organic” LLC) earned AZN 76.7 million in 2022, which is up by 39.5% from the previous year. At the same time, the holding’s operating profit over AZN 12 million grew 3.4 times. At that, the losses were due to general and administrative expenses, as well as bank loans. Assets of “LU-MUN Holding” group at the beginning of 2023 were AZN 159.4 million, having grown by 5 per cent in 2022. The paid-in authorised capital of the group was AZN 113 million. Note that “LU-MUN Holding” LLC, operating since 2017, is an investment holding company implementing projects in agriculture and food production in Azerbaijan (Baku, Neftchala, Zagatala, Gabala, Ujar). Subsidiaries of the holding are involved in such spheres as poultry farming, beekeeping, fish farming (cultivation of trout, Caspian salmon, sturgeon fish and production of black caviar), plant growing (floriculture – rose cultivation; saffron cultivation), production of organic fertilisers, etc
Source: Turan News Agency