SOCAR revenues reached AZN 111.2 bn for 2018


June 4, Fineko/abc.az. The income of the State Oil Company of Azerbaijan (SOCAR) for the past year amounted to AZN 111.198 million (a rise of 20.1%).

SOCAR reports that prime cost of sales is AZN 105.468 million (rise: 20.7%).

Company's operating profit in 2018 totaled AZN 3.595 million (rise: 42.5%).

In some countries where SOCAR operates, exchange rate volatility has led to increased costs, but the Company managed to complete 2018 with profit.

Its transfers to the State Budget of Azerbaijan on income tax in 2018 reached AZN 996 million (a rise of 2.3-fold).

SOCAR's assets grew by 1.3% up to AZN 62.136 million in 2018. At the same time Company's long-term assets increased by 9.7% up to AZN 42.8 million, while short-term assets decreased by 13.5% to AZN 19.29 million in 2018.

Last year SOCAR's capital rose by 8.9% up to AZN 23.944 million. At that, Company’s authorized capital is AZN 4.147 million (rise of 36.6%).

In 2018 SOCAR’s liabilities fell by 3% to AZN 38.19 bn. In particular, long-term obligations of SOCAR at the beginning of this year amount to AZN 20.825 million (growth by 6.6%) and current obligations AZN 17.367 million (decline: 12.5%).