“Vecon Consulting” company, continuing its tradition as a leading company in the valuation sector, has released its annual report reflecting its 2025 results. This report has been consistently presented to the public by the company for the 4th year, shaping the company's tradition of objectivity as an example of financial accountability and transparent operation.
The company's founder, Vugar Oruj, as the chairman of the Azerbaijan Society of Appraisers (ASA), has continued the successes achieved in 2023 and 2024 in the direction of adopting a new Law "On Valuation Activities," establishing the Chamber of Appraisers as the administrative regulatory body for Azerbaijani appraisers, and founding the union of appraisers of Turkic states, which he announced when he was first elected chairman at the 7th reporting-election conference held in May 2022. At the same time, he, along with his team, has achieved the growth of “Vecon Consulting” and the strengthening of its position as a leading company in the sector. Vugar Oruj was re-elected as the chairman of the ASA Board of Directors for the second time in 2025 for his services to the sector and contributions to valuation activities.
In 2025, the work portfolio at “Vecon Consulting” increased by 40.8 percent compared to 2024. Specifically, the number of appraised apartments decreased from 806 to 770, and the number of individual residential houses decreased from 389 to 329. The number of land plots increased from 226 to 1200. Valuations of machinery and other movable property increased from 147 to 156, the number of businesses and enterprises from 15 to 17, and the number of air and water vehicles from 7 to 9. A 24 percent increase was recorded in the number of appraised inventory and fixed assets. Indicators for non-residential buildings and property complexes also increased, rising from 262 to 300. In total, the number of valuation objects increased from 1853 to 2768. The company's turnover increased by 40.8 percent, expenses by 64.2 percent, and profit by 11 percent.
During the reporting period, the number of employees at “Vecon Consulting” increased by 10 percent. Simultaneously, significant results were achieved in enhancing the professional level of employees. Six of the company's specialists achieved successful results in qualification exams conducted by the State Examination Center, obtaining a total of 13 certificates in 8 areas. In courses aimed at professional development, 5 employees were awarded 8 certificates.
A significant increase was also recorded in the company's partner network. Compared to 2024, the number of new clients in 2025 increased by 32 percent. 17 of the banks operating in the country, or 74 percent, are partners of the company, and valuation reports prepared by “Vecon Consulting” are accepted by all banks. The number of foreign partners is 3. Following Russia's International Valuation Centre and Turkey's well-known EVA Gayrimenkul Degerleme, cooperation has also begun with Ukraine's UVEKON company.
Through the Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan, the number of apartment orders in applications increased by 5.4 percent, while the number of orders for individual residential houses decreased by 11 percent. Through the Azerbaijan Agricultural Credit and Development Agency under the Ministry of Agriculture, the number of applications saw a 12 percent decrease, similar to the previous year.
A 45 percent increase was observed in the number of repeat applications from “Vecon Consulting's” regular partners.
The number of the company's regional representative offices increased from 15 to 17, and “Vecon Consulting” maintains its right to representation in 100 percent of Azerbaijan's regions. Currently, other valuation companies also utilize the services of these representative offices, which is a unique factual indicator in the country's valuation sector.
As one of the first companies among valuation firms to implement professional risk insurance, “Vecon Consulting” maintained insurance coverage of 1.5 million manats in 2025. No claims were made against this coverage during the reporting period, as there were no court proceedings related to the company's activities.
The company also distinguished itself in the field of price analysis for movable and immovable property, as well as construction materials. Throughout the year, the company's specialists presented 24 analytical valuation analyses and 1167 opinions to the public. Of these, 13 were published on well-known economic portals on a paid basis. The reports covered 6 areas of activity, including the capital and regions.
In addition, “Vecon Consulting” expanded its service portfolio in the area of counting and inventory, increasing its communication capabilities and the number of technical tools necessary for professional activity in 2025.
It should be noted that “Vecon Consulting” valuation company has been operating since 2010. The company specializes in the valuation of thousands of real estate objects, equipment, machinery, and vehicles, as well as air and water transport samples in Baku and the regions of the Republic of Azerbaijan in accordance with international standards.
“Vecon Consulting” JSC is the official partner in Azerbaijan of International Valuation Centre, EVA Gayrimenkul Degerleme, and UVEKON companies. The company is an authorized organization for the Central Bank, the Azerbaijan Republic Credit Guarantee and Mortgage Fund, as well as the Agricultural Credit and Development Agency. At the same time, “Vecon Consulting” LLC is a collective member of the Azerbaijan National Confederation of Entrepreneurs and the Azerbaijan Society of Appraisers.
The company's founder and director, Vugar Oruj, is the chairman of the Azerbaijan Society of Appraisers, the president of the Council of Unions of Appraisers of Turkic States, and a renowned economic expert.