SOCAR significantly increases its net profit

Baku, Azerbaijan, June 14

By Ilkin Shafiyev - Trend:

At the end of 2017, the net profit of the Azerbaijani state company SOCAR amounted to 2.092 billion manats against 350 million manats in 2016, according to the consolidated report on the financial activities of SOCAR for 2017, audited by Ernst&Young.

According to the report, the company's revenues increased by 78 percent last year, amounting to 92.6 billion manats. In the total amount of the revenues received by SOCAR in 2017, the cost of sales accounted for 87.35 billion manats (against 47.39 billion manats in 2016).

Accordingly, the total profit of SOCAR in 2017 amounted to 1.52 billion manats (against 2.13 billion manats in 2016). Profit from the company's operating activities for the reporting period amounted to almost 2.52 billion manats (against 1.9 billion manats in 2016).

SOCAR consists of oil and gas production facilities offshore and onshore - "Azneft" PA; chemical industry enterprises, united under "Azerikimya" company; "Azerigaz" PA, engaged in distribution of produced gas in the Republic; oil and gas processing enterprises, service companies, institutions engaged in geophysical and drilling operations.

Currently, SOCAR is the only producer of petroleum products in the country, as well as it operates more than 370 gas filling stations in Switzerland, Georgia, Romania and Ukraine. SOCAR is also a co-owner of Turkey's largest petrochemical complex Petkim and other assets in Turkey.

The official exchange rate as of June 14 is 1.7 AZN/USD.

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Follow the author on Twitter: @IlkinShafiyev

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