BAKU, Azerbaijan, June 30
By Nargiz Ismayilova – Trend:
The State Oil Company of Azerbaijan (SOCAR) ended 2019 with profit, Trend reports referring to SOCAR's financial report prepared by Ernst & Young Holdings (CIS) B.V.
According to the audited financial statements, the company’s total profit made up 5.8 billion manat ($3.4 billion), the net profit – 651 million manat ($382.9 million), current assets – 19.2 billion manat ($11.2 billion), and current liabilities – 17.3 billion manat ($10.1 billion).
Long-term assets of the company amounted to 46.2 billion manat ($27.1 billion), long-term liabilities - 23.8 billion manat ($14 billion). SOCAR's total capital in the reporting year exceeded 24.3 billion manat ($14.2 billion), and cash increased to 7.1 billion manat ($4.1 billion).
SOCAR recorded a slight decrease in current assets and liabilities (less than one percent).
In the reporting year, the company’s total turnover (income) amounted to 83.8 billion manat ($49.2 billion), most of which accounted for trade in oil and oil products with third parties.
Despite restrictions on the total turnover of oil and petroleum products bought and sold to the third parties last year, the efficiency of trade operations and their profitability increased.
During the reporting year, 92.7 percent of the company's total revenue was recorded in foreign markets, of which 63.7 billion manat ($37.4 billion) accounted for trade turnover via SOCAR Trading and SOCAR Energy Holding, which are Switzerland-based subsidiaries of the company.
In areas such as production and transportation with a high share of profits, last year the company's revenue continued to grow. The growth made up 88.6 percent in Turkey and 4.3 percent in Georgia.
(1 USD = 1.7 AZN on June 30)
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