15:39 - 8.07.2025

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July 8, Fineko/abc.az. The net profit of the State Oil Company of Azerbaijan (SOCAR) for 2024 amounted to 2.927 billion manats.

ABC.AZ informs, referring to SOCAR’s report, that the figure is a 41.2% rise versus 2023.

According to the report, in 2024 SOCAR's revenue from sales totaled 84.689 billion manats (0.6% less than in the previous year), the cost of sales - 77.296 billion manats (0.9% more).

Administrative expenses last year amounted to 2.252 billion manats (16.1% more), distribution network expenses - 2.45 billion manats (7.3% less), social expenses - 351 million manats (17% more), exploration and evaluation expenses - 17 million manats (remained unchanged), expected loan income - 46 million manats (there was a loss in the previous year), income from financial services - 18 million manats (no such income for 2023), financial expenses - 2 million manats (no such expenses in 2023), other operating expenses - 1.869 billion manats (27% less), other operating income - 1.97 billion manats (2.3-fold more), interest income calculated using the effective interest rate method - 852 million manats (28.3% more), financial expenses - 2.74 billion manats (13.1% more), foreign exchange loss - 366 million manats (49.3 income from the net monetary position - 1.114 billion manats (11.1% more), income from the financial results of joint ventures - 540 million manats (28.6% less), income from the financial results of related enterprises - 867 million manats (41.7% more).

In 2024, SOCAR paid income tax in the amount of 912 million manats (+50.5%).

As of January 1, 2025, SOCAR's assets amounted to 94.7 billion manats (+31.6%). In 2024, company's liabilities increased by 24% up to 46.44 billion manats, and the balance sheet capital by 39.6% up to 48.657 billion manats.