Baku, Azerbaijan, July 6
By Maksim Tsurkov – Trend:
The Azerbaijani state oil company SOCAR’s net profit was 350 million manats in 2016 as compared to the loss of 1.785 billion manats in 2015, said a consolidated financial statement for 2016, audited by EY.
According to the statement, SOCAR’s revenues increased by 56.8 percent and reached 51.905 billion manats in 2016.
Some 47.39 billion manats of SOCAR revenues in 2016 accounted for the cost of sales as compared to 29.85 billion manats in 2015.
Accordingly, SOCAR’s total profit was 2.13 billion manats in 2016 as compared to 3.25 billion manats in 2015, the statement said.
SOCAR’s operating profit amounted to almost 1.9 billion manats during the reporting period compared to 1.29 billion manats in 2015.
SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.
(1.7022 manats = $1 on July 6)