The revenues of the State Oil Company of Azerbaijan (SOCAR) in 2020 amounted to 49 billion 607 million manats, a net loss of 1 billion 734 million manats (at the current rate of $ 1.02 billion). In 2019, the company’s net profit amounted to 651 million manats.
Such data are presented in the consolidated financial statements of the company for 2020. The audit of SOCAR’s financial activities for 2020 in accordance with IFRS was conducted by Ernst & Young.
In 2020, compared to 2019, SOCAR’s revenues decreased by 40.8%.
The decline in revenues in 2020, as well as a loss in operations, are associated with a reduction in oil production as part of the OPEC + deal and a sharp drop in oil prices on world markets.
The company’s profit from operating activities in 2020 amounted to 479 million manats (a decline of 5.4 times). Deductions to the state budget of Azerbaijan for profit tax amounted to 297 million manats (a decline of 2.3 times).
SOCAR’s assets decreased by 1.9% in 2020 to 64 billion 155 million manats. The company’s long-term assets last year decreased by 0.7% – to 45.9 billion manats, short-term assets decreased by 4.8%, to 18 billion 255 million manats.
SOCAR’s capital in 2020 decreased by 9.9% – to 21 billion 923 million manats. The authorized capital of the company is 4 billion 696 million manats (an increase of 8.6%).
The company’s obligations in 2020 increased by 2.9% – up to 42 billion 232 million manats. In particular, SOCAR’s long-term liabilities at the beginning of this year amount to 21 billion 599 million manats (a decline of 9.1%), current liabilities – 20 billion 633 million manats (an increase of 19.4%).
Caspian Barrel
