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SOCAR makes AZN 40 bln revenue in Switzerland

07 July 2017 08:41 (UTC +04:00)

As of 31 December 2016, SOCAR's revenues totaled AZN 51.905 bln, which is 57% more compared to 2015.

Of the revenues, AZN 3.704 bln came from the oil and gas sector, AZN 3,355 mln. from the processing sector, AZN 1.934 bln. from construction, AZN 62,355 bln. from sales and distribution, AZN 450 mln. from research and development, the IT and security areas, and the loss of AZN 19,893 bln. is attributable to internal transactions, according to the consolidated report on SOCAR financial activities in 2016

In addition, the total assets of the company increased by 33% to AZN 53,007 bln, total liabilities increased by 40% to AZN 35,303 bln. The total capital expenditures increased by 2% to AZN 4,884 bln.

SOCAR, nevertheless, made AZN 350 mln net profit before the end of last year.

It’s worth noting that, of the revenues made last year, Azerbaijan’s share amounted to AZN 5.171 bln. Switzerland’s to AZN 40.438 bln, Turkey’s to AZN 3.479 bln, the UAE’s to AZN 1.156 bln, and that of the subsidiaries in Georgia to AZN 1.046 bln.