SOCAR’s revenues reach AZN 111.2B

SOCAR’s revenues rose by 20% to AZN 111.198 billion, Report informs citing SOCAR’s financial statement for 2018.

Base price of the sales amounted to AZN 105.468 billion, net operating expenditures to AZN 2.135 billion, operating incomes rose by 42.5% to reach AZN 3.595 billion.

In spite of changes in the exchange rates of currencies in the countries where SOCAR operates, SOCAR ended 2018 on AZN 1.224 billion in profit.  In the reporting period, AZN 58.462 billion came from sale of crude oil, AZN 40.093 billion from the sale of petroleum products.

SOCAR President Rovnag Abdullayev said that in 2017 and 2018 SOCAR managed to increase its financial indicators to the pre-crisis level and ended these years on profit: "Positive balance in the circulation was mainly caused by price rise in the world oil market, increase of revenues from launch of STAR and the Polypropylene Plant, growth in natural gas sale from Shahdeniz 2. We’ll try to further keep the positive dynamics in the next years with completion and sustainable exploitation of new projects."

According to the audited financial statements, SOCAR Group’s total assets went up 1.29% to AZN 62.136 billion, debt liablities amounted to AZN 13.7 billion. Company's total capital surged 8.96% to reach AZN 23.944 billion.

During the past ten years, SOCAR’s total revenues rose 24 times and total capital tripled.