BAKU, Azerbaijan, December 4. Azerbaijan's state oil company SOCAR, disclosed a total profit of 4.643 billion manat as of June 30, 2023, according to data published by the Central Bank, marking a 34.4 percent decrease compared to the same period in 2022, when the profit stood at 7.018 billion manat, Trend reports.
The company's revenues also experienced a notable decline, dropping from 60.328 billion manat to 42.181 billion manat, reflecting a reduction of over 30 percent. Operating profit followed suit, decreasing by 45.8 percent from 4.766 billion manat to 2.584 billion manat. Profit before income tax showed a significant decrease of more than 65 percent, declining from 5.419 billion manat to 1.890 billion manat.
SOCAR operates across diverse sectors, including oil and gas field exploration, extraction of oil, gas, and gas condensate, processing, and transportation. The company is actively involved in the distribution of oil and petrochemical products in both domestic and international markets. Notably, SOCAR plays a pivotal role in supplying natural gas to industrial enterprises and the general population of Azerbaijan, extending its services to Europe as well.
In addition to its operations in Azerbaijan, SOCAR is engaged in various international ventures in countries such as Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine. Furthermore, the company conducts significant trading operations primarily based in Switzerland, Singapore, and Nigeria.
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