SOCAR's net profit up by over 9%

The net profit of the State Oil Company of the Azerbaijan Republic (SOCAR) for the first half of 2024 amounted to 1.545 billion manat ($908.8 million) which marks a 9.3 per cent increase compared to the same period in 2023.

From January to June, SOCAR's sales revenue (its core activity) reached 45.054 billion manat ($26.502 billion), reflecting a 6.8 per cent year-on-year growth. The cost of sales stood at 41.347 billion manat ($24.321 billion), an increase of 10.1 per cent, while general and administrative expenses totaled 953 million manat ($560 million), showing a 2.7 per cent rise, Caliber.Az reports via local media.

As of July 1, 2024, SOCAR's assets totaled 72.581 billion manat ($42.694 billion), reflecting a 3.2 per cent increase compared to the previous year. During the reporting period, the company's liabilities decreased by 0.9 per cent, reaching 36.402 billion manat ($21.412 billion), while its equity capital grew by 7.6 per cent, amounting to 36.179 billion manat ($21.281 billion).

The authorized capital rose by 5.3 per cent to 5.014 billion manat ($2.949 billion). In the first half of 2024, SOCAR generated revenues of 28.509 billion manat ($16.77 billion) from its operations in Switzerland, a decrease of 7.5 per cent compared to the same period in 2023.

According to the company’s financial report, SOCAR's revenues from operations in Türkiye increased by 18.9 per cent, reaching 4.445 billion manat ($2.614 billion). Revenues from Azerbaijan amounted to 3.895 billion manat or $2.291 billion (a decrease of 9.3 per cent), from the UAE reached 6.173 billion manat or $3.631 billion (an increase of 4.5 times), while revenues from Georgia totaled 814 million manat or $478 million (a decrease of 9.6 per cent). In other countries, SOCAR's revenues were 1.218 billion manat ($716 million), showing a growth of 15.8 per cent. 

As previously reported, SOCAR's total revenue for the first half of 2024 amounted to 45.054 billion manat ($26.502 billion), reflecting a 6.8 per cent increase compared to the same period in 2023.

SOCAR was established upon a decree from the president of Azerbaijan on September 13, 1992. The company, which is fully state-owned, primarily engages in the exploration, extraction, processing, and transportation of oil, gas, and gas condensate, as well as the sale of oil, gas, and oil products.

By Naila Huseynova