SOCAR’s consolidated revenue last year was $49,817 million. Compared to 2023, total revenue decreased by $301.2 million.
According to the report, SOCAR’s net profit last year was $1,721.8 million (an increase of $502.3 million compared to 2023).
SOCAR’s largest revenue decline was recorded in Switzerland (due to SOCAR Trading activities). Revenue declines were also (slightly) observed in Azerbaijan and Georgia. However, SOCAR’s business in the UAE, Turkey and other countries moved towards growth.
90.37% of SOCAR’s total revenue was generated from operations outside Azerbaijan.
73% of SOCAR’s revenue ($36.33 billion) was generated from sales and trading operations (of which $31.7 billion was primarily attributable to SOCAR Trading).
35.3% of revenue, or $17.57 billion, was generated from the refining and petrochemicals segment (where the main revenue was generated from the SOCAR STAR refinery in Turkey and the Petkim petrochemical plant).
The share of the production segment in SOCAR’s revenue was 10.2% ($5.1 billion). The company’s gas business brought in $3.83 billion in revenue last year.
Finally, the services sector brought in $800.6 million in revenue for SOCAR, while other areas brought in $650 million.
