SOCAR ends 2023 with strong performance

Despite global economic slowdown, geopolitical shifts, and energy market volatility, SOCAR achieved strong results in 2023, Azernews reports.

The company reported a turnover of 85.2 billion manats, with total profits reaching 8.6 billion manats and net profits at 2.1 billion manats, mainly driven by sales of crude oil, petroleum products, chemicals, and natural gas.

SOCAR's current assets stood at 22.9 billion manats, and total assets at 72.0 billion manats for the year. Long-term assets rose by 3.4 percent to 49.0 billion manats, while total capital increased by 4.5 percent to 34.8 billion manats.

In terms of liabilities, current liabilities decreased by 32.4 percent to 19.6 billion manats, long-term liabilities decreased by 5.3 percent to 17.6 billion manats, and total liabilities decreased by 21.9 percent to 37.1 billion manats during the reporting period.

Ernst & Young Holdings (CIS) B.V, a respected international audit firm, provided an unqualified (clean) opinion on SOCAR's consolidated financial report for the year ended December 31.