Baku, Azerbaijan, July 1
By Maksim Tsurkov - Trend:
The net profit of Azerbaijani State Oil Company (SOCAR) was over 1.27 billion manats judging by the results of 2014, versus 977 million manats in 2013, according to a consolidated report on SOCAR's financial performance in 2014.
The report was audited by Ernst&Young and published on SOCAR's website.
The company's revenues increased by 3.2 percent, reaching 39.67 billion manats. Some 35.84 billion manats out of SOCAR's incomes in 2014 accounted for cost of sales, as compared to 35.14 billion manats in 2013.
Accordingly, SOCAR's 2014 total profit was 3.83 billion manats versus 3.29 billion manats in 2013. Over the mentioned period the operating activity profit of SOCAR stood at nearly 1.8 billion manats compared to 1.65 billion manats in 2013.
SOCAR's earnings before taxes (EBT) amounted to 1.74 billion manats versus over 1.46 billion manats in 2013.
SOCAR includes Azneft (a production association of enterprises that produce oil and gas on land and sea), Azerkimya (a production association of chemical industry enterprises) and Azerigas (deals with distribution of gas in the country).
The company also includes a number of processing and service enterprises, and institutions involved in geophysical and drilling operations.
SOCAR is the sole petroleum products producer in Azerbaijan with two oil refineries, and also owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.
It is also a co-owner of the largest Turkish petrochemical complex Petkim.
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