Azerbaijan’s SOCAR completes 2021 with net profit (PHOTO)

Economy Materials 7 July 2022 17:41 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
Read more

BAKU, Azerbaijan, July 7. The net profit of the State Oil Company of Azerbaijan Republic (SOCAR) amounted to 2.12 billion manat ($1.2 billion) in 2021, Trend reports with reference to SOCAR.

According to the data confirmed by audit report, SOCAR revenues amounted to 77.5 billion manat ($45.5 billion) in 2021, and growth for the year was 56.3 percent.

The growth of SOCAR’s revenues, during the reporting period, is due to the integrated activities of enterprises, added value created by digital energy technologies, also the rise in prices of oil, gas and petrochemical products on the world market.

Therefore, SOCAR increased its profit margin from 10.2 to 11.4 percent, and its operating profit - by 10.3 times or to 4.9 billion manat ($2.8 billion).

The cost of sales of SOCAR amounted to 68.6 billion manat ($40.3 billion) for the last year, distribution costs - 1.7 billion manat ($1 billion), and total and administrative expenses - 1.4 billion manat ($823.5 million).

The pre-tax profit of SOCAR amounted to 3.2 billion manat ($1.8 billion) in 2021, and profit tax payments - of 1.1 billion manat ($647 million).