Net profit of SOCAR increased by 30%

Baku. 1 July. REPORT.AZ/ Net profit of the State Oil Company of Azerbaijan Republic (SOCAR) for 2014 amounted to 1 274 million manats.

Report informs, it's more by 30.4% in comparison with the same period of last year.

According to information, in 2014 the company's revenues have grown at an annual rate of 3.2% and amounted to 39,674 mln. AZN. During the reporting period the company's profit from operating activities amounted to 1 798 million manats, increasing by 8.9%.

Deductions of tax on profits in 2014 up by 4.7% to 465 million manats.

In the past year SOCAR increased assets by 4.4% to 24,067 mln. AZN. At the same time, current assets of SOCAR increased by 7.2% to 16 269 million manats, short-term assets decreased by 0.9% and amounted to 7,798 mln. manats.

Last year, capital of the State Oil Company grew by 8.1% to 11,057 mln. AZN. Along with this, the share capital of the company increased by 13.7% to 1 496 million manats, total profit - by 10.5%, amounting to 8,348 mln. manats.

During the reporting period the company's liabilities increased by 1.5% and amounted to 13,010 mln. manats. Long-term liabilities of SOCAR at the beginning of this year increased by 24.7% and amounted to 6,119 mln. manats, current liabilities decreased by 12.9% to 6,891 mln. manats.

In 2014 audit of SOCAR on International Financial Reporting Standards (IFRS) was carried out by Ernst & Young.