State Oil Fund of Azerbaijan (SOFAZ) completed 2021 with a net profit in the amount of 1.5 billion manat ($882 million), Trend reports referring to SOFAZ's report.
SOFAZ's operating income amounted to 1.55 billion manat ($911.7 million), including dividend income - of 513 million manat ($301 million), other operational incomes - of 12.9 million manat ($7.5 million). Operational expenses of the fund stood at 74.1 million manat ($43.5 million)
Profit before taxes and unexpected expenses amounted to 1.56 billion manat ($917.6 million), income tax payments – 4.3 million manat ($2.5 million)
Thus, SOFAZ completed 2021 with a net profit of 1.55 billion manat ($911.7 million).
SOFAZ's total assets as of January 1, 2022 amounted to 76.9 billion manat or $45.2 billion (an increase of 3.4 percent), total capital – 76.3 billion manat or $44.8 billion (an increase of 3.5 percent ), and total liabilities decreased by 8.9 percent to 584.9 million manat ($344 million).
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support current social and economic processes in Azerbaijan.