The State Oil Company of Azerbaijan (SOCAR) has returned to profitability.

The SOCAR audit for 2016, made by EY, says that Company’s pre-taxed profit reached AZN 936 million for the past year against a loss of AZN 1.58 bn in 2015.

At that, SOCAR income grew from AZN 33.1 bn up to AZN 51.905 bn with growth of prime cost of sales from AZN 29.849 bn up to AZN 47.387 bn. As a result, overall profit increased from AZN 3.25 bn up to AZN 4.518 bn and loss of AZN 1.818 bn replaced by profit AZN 147 million.

Company’s assets increased from AZN 39.95 bn up to AZN 53.007 bn, while overall capital from AZN 13.575 bn up to AZN 16.447 bn.

Fineko/abc, 10.07.2017