BAKU, Azerbaijan, July 2
By Leman Zeynalova – Trend:
The Southern Gas Corridor closed joint-stock company (CJSC) gained $13.072 million net profit in 2020, as compared to $280.751 million loss in 2019, Trend reports with reference to the company’s audited consolidated financial statements.
The company’s revenue rose from $452.610 million in 2019 to $861.551 million in 2020, while the gross profit more than doubled from $205.335 million to $566.017 million. The company saw a slight increase in the cost of sales last year, which rose from $247.275 million to $295.534 million. General administrative expenses grew from $95.499 million to $212.832 million, transportation tariffs stood at $18.169 million in 2020, as compared to $5.406 million in 2019.
The Southern Gas Corridor CJSC gained operating profit of $363.738 million in 2020 versus $127.268 million a year before. However, the company’s interest income dropped from $44.642 million to $37.358 million.
The Southern Gas Corridor, which is comprised of Shah Deniz 2, the South Caucasus Pipeline Expansion, the Trans Anatolian Natural Gas Pipeline (TANAP), and the Trans Adriatic Pipeline (TAP) became fully operational on December 31, 2020.
Trans Adriatic Pipeline (TAP) AG confirmed on Dec. 31, 2020 the commencement of gas flows from Azerbaijan. The first gas has reached Greece and Bulgaria, via the Nea Mesimvria interconnection point with DESFA, as well as Italy, via the Melendugno interconnection point with SNAM Rete Gas (SRG).
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