Azerbaijan, Baku, July 29 / Trend E. Ismayilov /
As of late 2011, SOCAR's net income was about 809.6 million manat compared to 655.74 million manat in 2010, the consolidated report about SOCAR's financial activity in 2011, audited by Ernst & Young said. A report was published on the company's website on Saturday.
The company's revenues last year increased by 1.47 times, exceeding 8.13 billion manat. More than 5.39 billion manat of the revenues obtained by SOCAR in 2011 fell to the cost of sales compared to 3.3 billion manat in 2010.
Accordingly, SOCAR's total profit in 2011 exceeded 2.74 billion manat compared to more than 2.27 billion manat in 2010. The profit from the company's operating activity for the period increased by 15.8 percent - to 1.54 billion manat.
SOCAR's profit before tax deduction exceeded 1.18 billion manat compared to about 1.24 billion manat in 2010.
SOCAR includes Azneft, which produces oil and gas onshore and offshore), the Azerkimya industrial association, a chemical enterprise, and Azerigaz industrial association, a gas distributor.
SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia, Ukraine and Romania. SOCAR possesses a network of petrol stations in Switzerland. SOCAR is co-owner of the largest
Turkish petrochemical complex Petkim.
The official exchange rate is 0,7856 AZN/USD on July 28.
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