The State Oil Company of Azerbaijan (SOCAR) had a net profit of 1.545 billion manats ($908.8 million) in the first half of 2024, Report informs, citing the company's financial statement
This figure is 9.3% higher compared to the same period in 2023.
In January-June 2024, SOCAR's sales revenue (core business) amounted to 45.054 billion manats (up 6.8% year-on-year; $26.5 billion), cost of sales was 41.347 billion manats (up 10.1% YoY; $24.3 billion), and general and administrative expenses were 953 million manats (up 2.7% YoY; $560.5 million).
As of July 1, 2024, SOCAR's assets totaled 72.581 billion manats ($42.7 billion), which is 3.2% higher compared to the previous year. During the reporting period, the company's liabilities decreased by 0.9% to 36.402 billion manats, while balance sheet capital increased by 7.6% to 36.179 billion manats ($21.4 billion), including charter capital which grew by 5.3% to 5.014 billion manats ($2.95 billion).
SOCAR was established by presidential decree of Azerbaijan on September 13, 1992. The main activities of the company, which is 100% state-owned, include production, processing and transportation of oil, gas and gas condensate, as well as the sale of oil, gas and petroleum products.