SOCAR AQŞ capital falls 34.8%, net loss rises in 2025

SOCAR AQŞ LLC’s balance-sheet capital fell 34.8% in 2025 to 79.5 million manats, while its liabilities increased 12.6% to 300.9 million manats.

According to the company’s financial statements, SOCAR AQŞ ended 2025 with a net loss of 44.027 million manats, up 7.6% from 2024.

The company’s revenue fell 19.9% during the year to 68.871 million manats. The cost of services declined 20.3% to 105.6 million manats, but revenue was insufficient to cover those costs.

Net provisions for expected credit losses on financial and contract assets increased 2.1-fold to 14.654 million manats. Financial expenses rose 5.3-fold to 6.668 million manats, while losses from foreign exchange differences increased 8.7-fold to 1.123 million manats.

In 2025, the company recognised 926,000 manats in impairment expenses for property, plant and equipment and 1.869 million manats in impairment expenses for advance payments. No expenses were recorded under these items in the previous year.

SOCAR AQŞ’s income from its share in joint ventures fell 4.6% to 27.56 million manats, while other income increased 4.7-fold to 3.99 million manats.

As of Jan. 1, 2026, the company’s assets had declined 2.3% to 380.378 million manats.

SOCAR AQŞ was established in 2007 and is engaged in drilling and repairing oil and gas wells. The company is 73.8% owned by the Azerbaijani branch of Nobel Oil LTD, 13.4% by SOCAR and 12.8% by Absheron Qazma LLC.

Gulnar Nazimqizi