BAKU, Azerbaijan, June 30
By Leman Zeynalova – Trend:
Azerbaijan’s state oil company SOCAR earned 51.1 billion manat from the sale of crude oil and 22.2 billion manat from the sale of oil products, respectively in 2019, Trend reports with reference to the company’s financial report.
This is while as of 2018, the company’s earnings from crude oil and oil products sales amounted to 58.5 billion manat and 40.1 billion manat, respectively.
The company’s net profit stood at 651 million manat in 2019, as compared to 1.2 billion manat in 2018.
SOCAR’s total revenue decreased from 111.2 billion manat in 2018 to 83.8 billion manat in 2019, while its total capital rose from 23.9 billion manat in 2018 to 24.3 billion manat in 2019/
Trading oil and oil products from third parties represents a significant part of SOCAR's turnover. Although the total turnover of crude oil and oil products traded from third parties decreased, the efficiency and profit margin of trading operations were higher in 2019.
SOCAR's financial statements as of December 31, 2019, as in previous years, have been audited and confirmed by Ernst & Young Holdings (CIS) B.V.
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