Azerbaijani State Oil Fund reports decline in net profit

The State Oil Fund of Azerbaijan (SOFAZ) earned a net profit of 7.8 billion manat ($4.6 billion) in 2024. This marked a decrease of 245 million manat ($144 million) compared to the previous year’s profit of 8.1 billion manat ($4.77 billion). Major revenues included 3.38 billion manat ($2 billion) from gold, 3.2 billion manat ($1.89 billion) from equities, and 680 million manat ($400 million) from bonds.