SOCAR discloses financial statement for 2023

Despite the weakening of global economic activity, geopolitical processes, volatility in energy markets, as well as a sharp drop in crude oil and natural gas prices, the State Oil Company of Azerbaijan (SOCAR) managed to complete 2023 with satisfactory results, reads SOCAR's 2023 consolidated financial statement, Report informs.

According to the report, the total turnover of SOCAR in 2023 was 85.2 billion manats ($50.13 billion), the total profit was 8.6 billion manats ($5.06 billion), and the net profit was 2.1 billion manats ($1.23 billion). The main part of the company's income was obtained from the sale of crude oil, petroleum and chemical products, and natural gas.

In the reporting year, the current assets of SOCAR amounted to 22.9 billion manats ($13.47 billion), and total assets to 72 billion manats ($42.36 billion). In this regard, the long-term assets of the company increased by 3.4% to 49 billion manats ($28.83 billion), while the total capital increased by 4.5% to 34.8 billion manats ($20.47 billion).

During the reporting period, current liabilities of SOCAR decreased by 32.4% to 19.6 billion manats ($11.53 billion), long-term liabilities decreased by 5.3% to 17.6 billion manats ($10.35 billion), and total liabilities decreased by 21.9% to 37.1 billion manats ($21.83 billion).