SOFAZ retaining earnings exceed $40B 

State Oil Fund of Azerbaijan (SOFAZ) ended 2020 with AZN 5,360,109,000 in net profit, up 24.2% from the previous year, Report informs.

In the reporting period, the retaining earnings increased by 15.3% to AZN 40,268,812,000. The fund also got a share of AZN 32.871 million in the post-tax financial results of joint ventures, and earned AZN 86.149 million from the sale of subsidiaries.

Operating incomes rose by 19.9% to AZN 5,327,956,000, operating expenditures dropped 15.4% to AZN 87,460,000.

As of July 1, 2021, the assets stood at AZN 44,104,900,000, 1.2% more than a year earlier.