SOCAR makes operating profit of $1.7B in Q12022

Most of the state enterprises under the management of Azerbaijan Investment Holding achieved positive financial results in the first quarter of 2022, as in 2021, Minister of Economy Mikayil Jabbarov said on July 15 at the meeting chaired by President Ilham Aliyev, dedicated to the results of six months of this year, Report informs.

"SOCAR (State Oil Company), AzerGold, Azerbaijan Caspian Sea Shipping, Baku International Sea Trade Port CJSCs, Azerbaijan International Bank, Azer-Turk Bank OJSCs 2021- ended the year with an operating profit. We are positive about the ability of most of these companies to pay dividends.

SOCAR, the largest portfolio company, ended the 2021 financial year with an operating profit of 8 billion manats ($4.7 billion) and achieved the highest result in its history. Net profit was 2.1 billion manats ($1.2 billion). At the same time, the results of the first quarter of 2022 are approximately 3 billion manats ($1.7 billion), maintaining the growing trend," the minister noted.