Net profit of BTC Co in 2023 revealed

The Baku-Tbilisi-Ceyhan pipeline company (BTC Co) achieved a net profit of 12 million manats (just over $7.05 million) in 2023, a sharp drop of 10.3 times year-on-year, Report informs, citing the State Oil Company of Azerbaijan (SOCAR).

The revenues of BTC Co in 2023 totaled 1.005 billion manats (over $591.1 million), representing a 21.2% increase from 2022.

During the reporting period, the cost of sales for BTC Co amounted to 528 million manats ($310.58 million), reflecting a 39.7% increase compared to the previous year.

Last year, BTC Co generated 54 million manats ($31.76 million) in other revenues, which is 6.75 times more than YoY.

In 2023, BTC Co’s financial expenses totaled 47 million manats ($27.64 million), representing a 2.2-times increase from 2022.

Meanwhile, general and administrative expenses of BTC Co stood at 343 million manats (equivalent to $201.76 million) last year, reflecting a 16.3% increase compared to the previous year.

As of the end of 2023, BTC Co’s net assets stood at 6.628 billion manats ($3.898 billion), which is 1.5% less than the previous year. Of this amount, 25% belongs to the State Oil Company of Azerbaijan (SOCAR).

Furthermore, BTC Co’s current assets at the end of 2023 were 594 million manats ($349.4 million), representing a 58.8% increase from the previous year. Moreover, the company’s long-term assets at the end of 2023 totaled 7.068 billion manats (equivalent to $4.157 billion), which is 4.7% less than the previous year.

In particular, BTC Co’s current liabilities at the end of 2023 stood at 439 million manats ($258.2 million), and long-term liabilities at 595 million manats (almost $350 million), representing an 8.9% decrease and a 3.1% increase, respectively, compared to the previous year.