In 2014 SOCAR increased net profit by 25%

During 2014 net profit of State Oil Company of Azerbaijan (SOCAR) totaled 1,274,000,000 AZN, up 25% against 2013 (1,019,000,000 AZN), reads the consolidated financial report of the company for 2014.

SOCAR’s financial activities during 2014 have been audited by Ernst & Young company.

In 2014 SOCAR’s incomes totaled 39,674,000,000 AZN (38,433,000,000 AZN in 2013 – growth by 3.2%).

In 2014 the company’s profit from the operation activities totaled 1,798,000,000 AZN (growth by 8.9%). In 2014 the allocations of profit tax to the budget totaled 465,000,000 AZN (growth by 4.7%).

In 2014 SOCAR’s assets increased by 4.4% up to 24,067,000,000 AZN. In 2014 the company’s long-term assets increased by 7.2% up to 16,269,000,000 AZN and short-term assets decreased by 0.9% to 7,798,000,000 AZN.

In 2014 SOCAR’s capital increased by 8.1% up to 11,057,000,000 AZN. The authorized capital of the company is equal to 1,496,000,000 AZN (growth by 13.7%) and total undistributed profit – 8,348,000,000 AZN (growth by 10.5%).

In 2014 the company’s liabilities increased by 1.5% up to 13,010,000,000 AZN. By early this year long-term liabilities of SOCAR totaled 6,119,000,000 AZN (growth by 24.7%), while the current liabilities – 6,891,000,000 AZN (decline by 12.9%).—0—