16:51 - 27.06.2024

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June 27, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) has completed 2023 with satisfactory results, despite the weakening of global economic activity, geopolitical processes, volatility in energy markets, as well as a sharp drop in prices for crude oil and natural gas.

ABC.AZ reports with reference to SOCAR that company's turnover in 2023 amounted to 85.2 billion manats, gross profit - 8.6 billion manats, net profit - 2.1 billion manats. The bulk of company's revenue was generated from the sale of oil, petroleum products and chemical products, as well as natural gas.

SOCAR's short-term assets totaled 22.9 billion manats last year, and its total assets - 72 billion manats. At that, company's long-term assets grew by 3.4% up to 49 billion mantas and the total capital by 4.5% up to 34.8 billion manats.

SOCAR's current liabilities decreased by 32.4% to 19.6 billion manats, long-term liabilities by 5.3% to 17.6 billion manats, and total liabilities by 21.9% to 37.1 billion manats.

SOCAR's consolidated financial statements as of December 31, 2023 were approved by reputable international auditing company Ernst & Young Holdings (CIS) B.V. with unchanged (net) review.