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SOCAR Reports 2019 Results

30/06/2020
  • Net profit AZN 651 million
  • Non-current assets AZN 46,2 billion
  • Cash and cash equivalents AZN 7,1 billion
  • SOCAR's current assets and liabilities decreased slightly by less than 1% 

SOCAR has released its consolidated financial statements for 2019. In the reporting year, the company's total turnover (revenue) amounted to AZN 83.8 billion. Trading oil and oil products from third parties represents a significant part of SOCAR's turnover. Although the total turnover of crude oil and oil products traded from third parties decreased, the efficiency and profit margin of trading operations were higher in 2019. During the reporting period, 92.7 % of the company's total revenue was recorded in foreign markets, of which AZN 63.7 billion fell to the share of trade turnover through SOCAR Trading and SOCAR Energy Holding operated in Switzerland.

The company's revenues continued to grow last year in areas with higher profit margins, such as production and transportation. As a result, SOCAR's revenues increased by 88.6 % in Turkey and 4.3 % in Georgia .

Last year, AZN 51.1 billion was earned from the sale of crude oil and AZN 22.2 billion from the sale of oil products, respectively. The growth in sales of natural gas by 25% was the largest increase in SOCAR's revenues recorded last year. The reason is the growing production at the Shah Deniz and the Umid fields.

According to the audited financial statements, SOCAR finished 2019 with AZN 5.8 billion in gross profit, while the company's net profit amounted to AZN 651 million.

In the reporting year, SOCAR's current assets amounted to AZN 19.2 billion, and current liabilities - to AZN 17.3 billion. SOCAR's long-term assets amounted to AZN 46.2 billion, long-term liabilities - to AZN 23.8 billion. Total capital was more than AZN 24.3 billion, cash and cash equivalents grew up to AZN 7.1 billion.

Last year, SOCAR increased its stake in some subsidiaries: SOCAR's share in SOCAR Polymer increased from 52.15 % to 57.01 %, and at the Baku Shipyard from 70.21 % to 87.47%.

KeyFacts Energy: SOCAR Azerbaijan country profile

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