SOCAR published audited financial report for 2011

State Oil Company of Azerbaijan (SOCAR) has posted on its web site audited financial report for 2011.

The audit has been held by Ernst & Young Holding (CIS) B.V. company and covered SOCAR’s financial activities. The audit results were confirmed on June 20, 2012.

According to the report, SOCAR’s incomes in 2011 totaled 8,132,731,000 AZN. The company’s incomes increased by 2,605,466,000 or 47.1% against 2010.

SOCAR’s net profit totaled about 809,593,000 AZN, up 23.5% or 153,853,000 AZN against 2010. The company’s profit less taxes totaled 1,184,844,000 AZN against 1,238,004,000 AZN against 2010.

During 2010 SOCAR’s assets totaled 16,959,911,000 AZN. During a year SOCAR’s assets increased by 8.2% or 1,282,143,000 AZN.

The report says that 4,929,062,000 AZN falls to the current assets and 12,030,849,000 AZN falls to the long-term assets.

SOCAR’s authorized capital totaled 1,059,258,000 AZN against 632,732,000 against 2010.

During 2011 the company’s long-term obligations totaled about 3,619,059,000 AZN against 3,371,090,000 AZN in 2010. In 2011 the company’s current obligations totaled 4,092 billion AZN. SOCAR’s account payables increased to 2.81 billion AZN.

* SOCAR was established in 1992. At present its enterprises number 73,000 employees. During 2011 SOCAR produced 8,400,900 tons of oil and 7,084,200 million cub.m. of gas.—0--