AZE.US
CMS Properties, an Azerbaijani company involved in sturgeon farming and black caviar production, ended 2025 with a net loss of 2.9 million manats ($1.7 million).
Economist Natig Jafarli drew attention to the company’s sharply deteriorating financial results in a Facebook post.
According to the figures he cited, CMS Properties’ revenue declined for three consecutive years:
- 19.07 million manats ($11.2 million) in 2023
- 5.26 million manats ($3.1 million) in 2024
- 1.69 million manats ($994,000) in 2025
Revenue therefore fell by more than 11 times compared with 2023.
Jafarli Calls for an Official Review
Jafarli questioned how a company producing one of Azerbaijan’s best-known luxury products could operate at a loss.
“Can a company involved in black caviar production anywhere in the world be unprofitable? If that is happening in Azerbaijan, then why?” he wrote.
The economist urged the Ministry of Economy to investigate the reasons behind the company’s declining revenue and losses.
He argued that the difficulties facing CMS Properties may reflect broader problems affecting Azerbaijan’s economy, including high taxes, excessive regulation, inspections, fines and corruption.
Jafarli said authorities should provide a public explanation if the company’s financial difficulties were caused by other factors.
“If even a company selling black caviar is operating at a loss, then the country’s economic system is no longer functioning,” he wrote.
CMS Properties has not publicly commented on the reasons for the sharp decline in revenue or its 2.9 million manat ($1.7 million) loss in 2025.
AZE.US