News Archive

4 June 2019

SOCAR revenues increased to AZN 111.2 billion in 2018

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Hereby SOCAR releases its latest financial report for 2018. Over the accounting period up to 2018 the company boosted its total revenue to AZN 111.2 billion 1, an increase on the previous year. The cost of sales amounted to AZN 105.5 billion 2 and net operational cost was AZN 2.1 billion 3. The company’s operational income has increased to AZN 3.6 billion 4 last year. Despite the increase in expenses due to volatility of currency rate in some foreign countries, where SOCAR is operating, the company managed to finish the year with net profit, which amounted to AZN 1.2 billion 5. Crude oil and oil products sales amounted to AZN 58.5 billion 6 and AZN 40.1 billion 7 respectively. Rovnag Abdullayev, SOCAR President said: "In 2017 and 2018, SOCAR managed to raise its financial performance back to the pre-crisis level and made both years profitable. The company has achieved a positive balance in the turnover last year due to a rise in the world market oil prices, higher revenues from the petrochemical products by the commissioning of the STAR Refinery and Polypropylene plant and the rise in natural gas sales from the Shah Deniz-2 project. We will endeavor to maintain this positive result in the coming years through the completion and sustainable development of our new projects." According to the audited financial statements, last year SOCAR Group’s total assets amounted to AZN 62.1 billion 8 and credit liabilities to AZN 13.7 billion 9. SOCAR’s total capital increased to AZN 24 billion 10, as compared to the previous year. SOCAR's gross revenues have grown by 24 times and its total capital tripled over the past decade. As in previous years, Ernst & Young Holdings (CIS) B. V. gave positive feedback on SOCAR's financial statements prepared for December 31, 2018. As in the previous reporting year, the audit opinions were obtained a month earlier owing to additional measures taken in 2018. Please follow the link here for SOCAR's consolidated financial statements for 2018.

1 - AZN 111,198 milyon manat

2 - AZN 105,468 million

3 - AZN 2,135 million

4 - AZN 3,595 million

5 - AZN 1,224 million

6 - AZN 58,462 million

7 - AZN 40,093 million

8 - AZN 62,136 million

9 - AZN 13,672 million

10 - AZN 23,944 million