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Profit balance of SOCAR exceeds $1 bn in 2011

Profit balance of SOCAR exceeds $1 bn in 2011

11 April 2012 08:01 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. SOCAR’s assets have hit AZN 17 bn. Vice-president of SOCAR on economic issues Suleyman Gasimov says that in 2011, net profit of SOCAR made AZN 879 mln. Currently the company employs more than 70 thousand employees.

Transition to International Financial Reporting Standards in 2008 allowed the company to obtain ratings from international rating organizations (Fitch Ratings - BBB-/stable, Moody `s - Ba1/stable and S&P - BB + / stable.)

The volume of securities issued by the company in February totaled $500 million: â€œThis has increased the company’s ability to attract funding for large projectsâ€.

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