The State Oil Company of Azerbaijan (SOCAR) ended the first half of 2025 with a net profit of 1.761 billion manats (just over $1.03 billion), marking a 14% increase year-on-year (YoY), Report informs, citing the company's financial statement.
In January–June of 2025, SOCAR's profit before tax amounted to 2.373 billion manats (approximately $1.4 billion), representing an 18.35% surge YoY, while profit tax payments totaled 612 million manats (almost $360 million), up 33.05% YoY.
Although the company's sales revenues fell by 5.7% to 42.5 billion manats (almost $25 billion) during the reporting period, the cost of sales decreased even more - by 12.6% to 36.127 billion manats (just over $21.25 billion). As a result, the company's gross profit rose by 71.9%, reaching 6.373 billion manats (nearly $3.75 billion).
As of July 1, 2025, SOCAR's assets stood at 96.47 billion manats (approximately $56.75 billion), up 1.9% year-on-year. The company's liabilities increased by 2.4% to 47.144 billion manats (just over $27.73 billion), while equity rose by 1.4% to 49.326 billion manats (just over $29 billion).
SOCAR was established by presidential decree on September 13, 1992. Its charter capital amounts to 5.014 billion manats (approximately $2.95 billion). The company, which is 100% state-owned, is primarily engaged in the extraction, processing, and transportation of oil, gas, and gas condensates, as well as the sale of oil, gas, and petroleum products.