The State Oil Company of the Republic of Azerbaijan (SOCAR) completed the first half of 2023 (January-June) with a net profit, Azernews reports.

The profit amounted to AZN1.4bn ($0.82bn) which is 3.3 times less in comparison with the same period of 2022.

In the first 6 months of last year, the total income of SOCAR was AZN60.3bn ($35.5bn), while in the first 6 months of 2023, it was AZN42.2bn ($24.8bn). As is seen, the net profit of SOCAR decreased by AZN18.1bn ($10.7bn) or 30 percent. It is worth noting that a decrease in profit relates to the global oil and gas prices.

In the first 6 months of 2023, the total income of SOCAR (sales income, interest income, income from dependent enterprises and other income) was AZN43.7bn ($25.7bn) and the total expenses were AZN42.3bn ($30.8bn).

In the period from January to June 2023, SOCAR received AZN25.4bn ($14,9bn) from the sale of crude oil, AZN9.1bn ($5,4bn) from the sale of petroleum products, AZN4.2bn ($2,5bn) from the sale of natural gas, AZN2.7 ($1.6bn) from the sale of petrochemical products, AZN213m ($125m) from the lease. Also, SOCAR had other revenues of AZN1.2 ($0.7bn).

Some AZN30.8bn ($18,1bn) of SOCAR's total sales revenue of AZN42.2bn ($24,8bn) were gained in Switzerland, AZN4.3bn ($2.5bn) in Azerbaijan, AZN3.7bn ($2.2bn) in Turkiye, AZN1.4bn ($0.8bn) in the United Arab Emirates, AZN900m ($529) in Georgia and AZN1.5bn ($0.9bn) in other countries.

On June 30, 2023, SOCAR had total assets of AZN70.4bn ($41.4bn). The company had total assets of AZN80.8bn ($47.5bn) on the same date last year.

The main activity of SOCAR consists of the production, processing, and transportation of oil, gas and gas condensates, as well as the sale of oil, gas and oil products. SOCAR is 100 percent owned by the Republic of Azerbaijan (State).