BAKU, Azerbaijan, July 21. The State Oil Fund of Azerbaijan (SOFAZ) earned a net profit of 7.8 billion manat ($4.6 billion) last year.
The data obtained by Trend from SOFAZ shows that this figure decreased by 245 million manat ($144 million) or three percent compared to the previous year (8.1 billion manat or $4.77 billion).
Moreover, last year SOFAZ's bond revenues amounted to 680 million manat ($400 million), equity revenues - 3.2 billion manat ($1.89 billion), losses from derivative financial instruments - 6.3 million manat ($3.7 million), revenues from gold bullion investments - 3.38 billion manat ($2 billion), from private equity funds - 377.8 million manat ($222 million), from real estate funds - 32.3 million manat ($19 million), from investment property - 84.95 million manat ($50 million), losses from exchange rate differences on financial instruments measured at amortized cost - 108 million manat ($63.5 million), interest revenues calculated using the effective interest rate method - 218.35 million manat ($128.4 million), other revenues - 38.7 million manat ($22.78 million), and operating expenses - 79 million manat ($46.5 million).
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.
