12:34 - 2.07.2021

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July 2, Fineko/abc.az. The income from the countries in which SOCAR is operating – from Azerbaijan and the UAE – increased for 2020.

ABC.AZ informs with reference to SOCAR's annual financial report, along with the growth, there is also a decrease.

Thus, in Switzerland, Turkey and Georgia, company's earnings decreased. In 2020 the company received 61.4% of the total income of AZN 49.607 bn in Switzerland.

In 2019, this figure made up 76%. Thus, in 2019, SOCAR earned AZN 63.735 bn in Switzerland out of total income of AZN 83.75 bn. Compared with 2019, last year Azerbaijan's largest company earnings in Switzerland decreased by 2.1 times to AZN 30.478 bn, in Turkey by 18.7% to AZN 7.618 bn, and in Georgia by 10.8% to AZN 1.45 bn.

During the year company's revenues in Azerbaijan increased by 2.7%, in the UAE by 29.1%, in other countries by 20.7%, in Switzerland they decreased by 2.1 times, in Turkey by 18.7%, in Georgia by 10.8%.

The decline in revenues was affected by a sharp drop in oil and natural gas prices on the world market, as well as a significant decrease in the margin of income from oil and petrochemical products.