Southern Gas Corridor sees growth in income

Southern Gas Corridor sees growth in income As of January 1, 2020, the Southern Gas Corridor (SGC) CJSC’s assets stood at AZN 12.655 billion.
Energy
July 2, 2020 17:33
Southern Gas Corridor sees growth in income

As of January 1, 2020, the Southern Gas Corridor (SGC) CJSC’s assets stood at AZN 12.655 billion, down 1.78% from the previous year, Report informs, referring to the CJSC’s audited, consolidated financial statement for 2019.

In the reporting period, the long-term assets rose by 2.46% to AZN 12.327 billion, current assets dropped by 61% to AZN 328.382 million, long-term liabilities surged 1.4% to AZN 9.119 billion, current liabilities fell by 30.8% to AZN 327.070 million, total capital slipped 6% to AZN 3.209 billion.  

Income went up 78.5% to AZN 452.610 million, profit ascended by 70% to AZN 205.335 million.

The SGC was founded on March 31, 2014, by the State (the Ministry of Economy of Azerbaijan Republic) (51%) and SOCAR (49%) upon the Azerbaijani President’s decree dated February 25, 2014. The SGC represents Azerbaijan’s interests in the international gas project Southern Gas Corridor, which is more than 3,500 km in length and supported by the EU.