BAKU, Azerbaijan, November 5. State-owned enterprises are projected to pay 872 million manat ($512.9 million) in dividends to Azerbaijan's state budget in 2027.
This was reflected in the draft budget package outlining the main indicators of the 2027 state budget.
According to the document, dividend revenues from enterprises in which the state holds shares are expected to amount to 872 million manat ($512.9 million). This is 272 million manat ($160 million), or 45.3%, more than the 2026 forecast and 235.4 million manat ($138.5 million), or 37%, above the 2025 actual figure.
The growth in dividend revenues is attributed to the introduction of rules governing the distribution of net profits of state-owned enterprises and the general parameters of their dividend policies. Under the rules approved by a presidential decree dated December 29, 2025, legal entities owned by the state in which the state holds a controlling stake are required to pay dividends to the state budget.
The document noted that SOCAR is projected to contribute 434 million manat ($255.3 million) in dividends to the state budget in 2027, while the International Bank of Azerbaijan (IBA) OJSC is expected to contribute 175 million manat ($102.9 million).
In addition, a total of 263 million manat ($154.7 million) is expected to come from organizations that will pay dividends for the first time. Of this amount, 71.3 million manat ($41.9 million) will come from Azersilah Defense Industry Holding, 48.8 million manat ($28.7 million) from Azerbaijan Airlines (AZAL) CJSC, 39.6 million manat ($23.3 million) from AzerGold CJSC, 36.5 million manat ($21.5 million) from AzerEnergy OJSC, and 21.3 million manat ($12.5 million) from Azercell Telecom LLC.
Furthermore, dividend revenues are expected to include 7.9 million manat ($4.6 million) from the Azerbaijan Business Development Fund OJSC, 4 million manat ($2.4 million) from Azeraluminium LLC, 3.1 million manat ($1.8 million) from the State Advertising Agency of Azerbaijan, 2.3 million manat ($1.4 million) from the State Cadastre and Registry of Real Estate, 2.4 million manat ($1.4 million) from Azerishig OJSC, and a total of 25.8 million manat ($15.2 million) from other state-owned enterprises.
Thus, the number of enterprises paying dividends to the state budget is expected to grow from two in 2026 to 52 in 2027.
According to the draft, revenues from paid services provided by budget-funded organizations are projected to amount to 949 million manat ($558.2 million). This is 72 million manat ($42.4 million), or 7.1%, below the 2026 forecast, but 269.4 million manat ($158.5 million), or 39.6%, above the 2025 actual figure.
Other revenues are projected at 484 million manat ($284.7 million), up 143 million manat ($84.1 million), or 41.9%, from the current year's forecast.
Overall, state budget revenues for 2027 are projected at 39.25 billion manat ($23.09 billion). This is 645 million manat ($379.4 million), or 1.7%, more than the 2026 forecast and 69.4 million manat ($40.8 million), or 0.2%, above the 2025 actual figure.
State budget expenditures are expected to reach 42.4 billion manat ($24.94 billion) next year. This is 696.4 million manat ($409.6 million), or 1.7%, more than the 2026 forecast and 3.79 billion manat ($2.23 billion), or 9.8%, above the 2025 actual figure.
Meanwhile, the upper limit of the 2027 state budget deficit has been set at nearly 3.15 billion manat ($1.85 billion), or 2.2% of gross domestic product (GDP).
