SOFAZ increases undistributed profit to $25B 

The State Oil Fund of Azerbaijan (SOFAZ) ended 2021 with 1,556,203,000 million manats (over $92 billion) in net profit, down 3.45 times from the previous year, Report informs, citing the Fund.

However, the undistributed profit increased by 3.9% to 41,825,204,000 manats ($24.60 billion).

In 2021, the operating income amounted to 1,568,011,000 manats ($0.92 billion) (3.4 times less than the previous year), the operating expenses to 74.192 million manats ($43.64 million)(-15.2% ), the income due to the share in the after-tax financial results of joint ventures made up 66.78 million manats (nearly $40 million) (+2 times), and income tax payments were 4.396 million manats ($2.59 million).

As of January 1, 2022, the assets stood at 76,914,411,000 manats ($45 billion), showing a 3.4% growth in comparison to a year earlier. Liabilities dropped 8.9% to 584.978 million manats ($344 million), net worth surged 3.5% to 76,332,433,000 manats ($44.8 billion).