SOCAR’s 2013 net profit increased compared to 2012

Oil&Gas Materials 9 July 2014 16:47 (UTC +04:00)

Baku, Azerbaijan, July 9

By Emil Ismayilov - Trend:

The net profit of Azerbaijani State Oil Company (SOCAR) was about 977 million AZN as of late 2013, versus 955 million AZN in 2012, according to a consolidated report on SOCAR's financial performance last year.

The report was audited by EY and published on SOCAR's website.

The company's revenues more than doubled last year, reaching 38.43 billion AZN. Some 35.16 billion AZN out of SOCAR's incomes in 2013 accounted for cost of sales, as compared to 13.88 billion AZN in 2012.

Accordingly, SOCAR's 2013 total profit was 3.27 billion AZN versus 3.26 billion AZN in 2012. Over the mentioned period the operating activity profit of SOCAR stood at 1.65 billion AZN compared to 1.39 billion AZN in 2012.

SOCAR's earnings before taxes (EBT) exceeded 1.46 billion AZN versus nearly 1.5 billion AZN in 2012.

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.

The official exchange rate is 0.7844 AZN/USD on July 9.

Edited by S.I.