BAKU, Azerbaijan, Sept. 1
By Zeyni Jafarov - Trend:
The net profit of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 5.36 billion manat ($3.15 billion) in 2020, having increased by 24.2 percent on annual basis, Trend reports citing SOFAZ's 2020 audit report.
The fund's operating profit in 2020 equaled 5.33 billion manat ($3.13 billion), which is 20 percent more compared to 2019.
According to the audit report, the largest share in operating profit (39 percent) was obtained through income from gold bars, which totaled 2.06 billion manat ($1.21 billion) (an increase by 72.4 percent in annual terms).
About 593,000 manat ($348,823) was directed to profit tax, and before tax payment, SOFAZ's net profit varied within 5.35 billion manat ($3.15 billion).
Moreover, last year, SOFAZ received income from the difference in the exchange rate on foreign exchange transactions. So, in 2020, revenue in this category reached 1.24 billion manat, while in 2019 a loss in the amount of 524.3 million manat was recorded in this category.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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