The revenue of the Azerbaijani State Oil Company for 2021 increased by 56.3 percent and amounted to AZN77.5 billion ($45.5bn).

“As a result of the implemented optimization and technological transformation measures, SOCAR was able to improve its operational efficiency in 2021 significantly. SOCAR’s revenue growth was due to the integrated activities of enterprises, the added value created by digital energy technologies, and rising prices for oil, gas, and petrochemical products in the global market,” the company reports.

SOCAR increased its profit margin from 10.2 percent up to 11.4 percent, raised its operating profit by 10.3 times up to AZN4.9 billion, and finished the year with a net profit of AZN2.1 billion ($1.2bn).

“It should be noted that this is the highest figure since 2008 when the company began preparing its consolidated financial statements,” the company reports.

Most of the company’s revenue came from sales of crude oil and petroleum products.

Moreover, both Petkim and STAR Refinery have achieved a continuous production process and improved their competitiveness. Last year, the capacity utilization rate at Petkim and the STAR Refinery increased by 92.6 and 100.8 percent respectively.

The total output of SOCAR Polymer and SOCAR Carbamide plants increased by 44 and 197.3 percent, respectively.

In the reporting year, SOCAR’s current assets increased by 31.1 percent up to AZN23.9 billion ($14bn), whereas current liabilities decreased by 1.6 percent up to AZN20.3 billion ($11.9bn). The total company’s assets increased by 8.1 percent up to AZN69.4 billion ($40.8bn).

The growth tendency was also observed with respect to SOCAR equity and cash. The total capital of SOCAR increased by 3.8 percent up to AZN22.7 billion ($13.3bn) and cash assets by 46.5 percent up to AZN9.1 billion ($5.3bn), Azernews reports.