SOCAR profit jumps 30% in 2024 despite slight revenue decline

Azerbaijan’s state oil company SOCAR reported a 30% increase in net profit in 2024, reaching 2.9 billion manats ($1.7 billion), despite a drop in total revenue, according to its annual financial report.

Total revenue for the year stood at 84.7 billion manats, down 512 million manats from 2023. Meanwhile, the cost of sales rose to 77.3 billion manats, pushing gross profit down to 7.4 billion manats from 8.6 billion manats a year earlier.

However, operating expenses fell by 700 million manats to 6.5 billion manats, mainly due to reductions in distribution and other operating costs.

Operating profit rose to 2.9 billion manats, while foreign exchange gains, interest income, and returns from subsidiaries helped push pre-tax profit to 3.8 billion manats.

After taxes, net profit totaled 2.9 billion manats – an increase of 850 million manats from 2023.

Total assets surged from 71.9 billion to 94.7 billion manats, driven largely by long-term investments and new acquisitions.