BAKU, Azerbaijan, June 27. Operating profit of Azerbaijan’s state oil company SOCAR dropped from 9.362 billion manats in 2022 to 2.199 billion manats in 2023, Trend reports with reference to the company.
As such, the company’s profit decreased by 76.5 percent year-on-year.
Profit before income tax amounted to 2.679 billion manats in 2023, as compared to 10.863 billion manats in 2022.
SOCAR’s gross profit declined from 14.702 billion manats to 8.562 billion manats, showing a 41.8 percent decrease.
SOCAR is engaged in exploration of oil and gas fields, the production, processing and transportation of oil, gas and gas condensate, the sale of oil and petrochemicals in the domestic and international markets, the supply of natural gas to industrial enterprises and the population of Azerbaijan, as well as Europe.
The company conducts various activities in countries such as Türkiye, Georgia, Romania, Switzerland, Germany and Ukraine, including trading activities mainly in Switzerland, Singapore and Nigeria.
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