Minister: SOCAR's net profitability more than doubled in last 5 years

Over the past five years, the net profitability of the State Oil Company of Azerbaijan (SOCAR) has more than doubled, according to Azerbaijani Economy Minister Mikayil Jabbarov, Report informs.

Jabbarov shared this information while responding to questions from MPs during today's session of the Committee for Economic Policy, Industries and Enterprising of Milli Majlis, held to discuss the draft law on the State Budget for 2026.

The minister noted that SOCAR's EBITDA (Earnings before interest, taxes, depreciation and amortization) has increased more than threefold during the same period.

He underlined that some of the opinions expressed regarding tax payments are incorrect: "These figures are publicly available. There's a misconception that the company only pays profit tax. In reality, SOCAR pays various types of taxes. The optimization of state-owned enterprises will always remain a priority for the relevant authorities."

Jabbarov emphasized that any questions regarding the operations of companies, including SOCAR, should be directed to the companies themselves: "I'm confident that questions raised by MPs will be answered accordingly."