SOCAR profits rose in 2012
Azerbaijan, Baku, July 5 / Trend, E. Ismailov /
The net profit of SOCAR (State Oil Company of Azerbaijan) amounted to nearly 955 million manat in 2012 compared to about 809.6 million manat in 2011, according to SOCAR's consolidated statement on financial activities in the past year audited by Ernst & Young. The report was published on Friday on the company's official website.
The company's revenues last year more than doubled, amounting to about 17.14 billion manat. Out of SOCAR's proceeds in 2012, about 14.01 billion manat accounted for the cost of sales compared to almost five billion manat in 2011.
Accordingly, SOCAR's total profit in 2012 amounted to nearly 3.13 billion manat compared to about 3.14 billion manat in 2011. The operating profit of the company for the period amounted to 1.33 billion manat compared to 1.54 billion manat in 2011.
SOCAR's pretax profit exceeded 1.43 billion manat compared to more than 1.18 billion manat in 2011.
SOCAR includes production associations Azerneft (companies involved in production of oil and gas onshore and offshore), Azerkimya (chemical industry enterprises), and Azeriqaz (gas distribution). The State Oil Company has a number of processing and service enterprises as well as institutions involved in geophysical and drilling activities.
SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet), and owns petrol stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim.
The official exchange rate on July 5 is 0.7844 AZN / USD.