SOCAR’s net loss in 2015 exceeds 1.78B manats

Business Materials 1 July 2016 20:28 (UTC +04:00)

Baku, Azerbaijan, July 1

By Maksim Tsurkov – Trend:

Azerbaijani state oil company SOCAR’s net loss exceeded 1.78 billion manats in 2015 as compared to the profit of 1.27 billion manats in 2014, said a consolidated financial statement for 2015 posted on SOCAR website July 1.

The statement was audited by EY.

The official exchange rate on July 1 is 1.5425 AZN/USD.

According to the statement, SOCAR’s revenues decreased by 16.6 percent and reached 33.01 billion manats in 2015.

Some 29.85 billion manats of SOCAR revenues in 2015 accounted for prime cost of sales as compared to 35.84 billion manats in 2014.

Accordingly, SOCAR’s total profit was 3.25 billion manats in 2015 as compared to 3.83 billion manats in 2014, the statement said.

SOCAR’s operating profit amounted to almost 1.29 billion manats during the reporting period compared to 1.8 billion manats in 2014.

SOCAR includes Azneft (a production association of enterprises that produce oil and gas onshore and offshore), Azerkimya (a production association of chemical industry enterprises) and Azerigas, which distributes gas in Azerbaijan.

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.
The company also owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland and is a co-owner of the largest Turkish petrochemical complex Petkim.


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