Socar received AZN 51.1 bn from sale of crude oil last year

12:00 - 30.06.2020


June 30, Fineko/abc.az. Socar has released its consolidated financial statements for 2019.

ABC.AZ reports that in such areas as manufacturing and transport, where the profit share is high, Company's income continued growing last year, with an increase of 88.6% in Turkey and 4.3% in Georgia.

In 2019 Socar’s revenues from the sale of crude oil totaled AZN 51.1 bn and from sale of petroleum products AZN 22.2 bn.

The largest increase in Company's revenues was recorded in natural gas sales by 25%, due to increased production in the Shah Deniz-2 project and the Umid field. According to the audit of financial statements, Socar’s total profit was AZN 5.8 bn, net profit AZN 651 million, current assets AZN 19.2 bn, and current liabilities AZN 17.3 bn.

Long-term assets amounted to AZN 46.2 bn and long-term liabilities AZN 23.8 bn. SOCAR's total capital grew more than by AZN 24.3 bn for the reporting period, while its cash resources by AZN 7.1 bn.

 

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