SOCAR AQS reports 44 million manat in net loss for 2025

SOCAR AQS LLC ended 2025 with a net loss of 44.03 million manats ($25.9 million), up by 7.6% compared with 2024, Report informs, citing the company's financial statements.

Last year, SOCAR AQS recorded revenue of 68.87 million manats ($40.51 million), down 19.9% year-on-year. The cost of services amounted to 105.6 million manats ($62.12 million), decreasing by 20.3%.

General and administrative expenses fell by 23.5% to 15.46 million manats ($9.10 million). The company also recorded 926,000 manats ($545,000) in impairment expenses for property, plant and equipment and 1.87 million manats ($1.10 million) in impairment provisions for advance payments, neither of which was recorded in the previous year.

Net provisions for expected credit losses on financial and contract assets amounted to 14.65 million manats ($8.62 million), more than twice the previous year's figure.

Other income increased 4.7-fold to 3.99 million manats ($2.35 million), while financial expenses rose 5.3-fold to 6.67 million manats ($3.92 million). Losses from foreign exchange differences increased 8.7-fold to 1.12 million manats ($660,000).

Income from the company's share in joint ventures amounted to 27.56 million manats ($16.21 million), down 4.6% year-on-year. Profit tax payments decreased 2.3-fold to 1.86 million manats ($1.09 million).

As of January 1, 2026, SOCAR AQS's assets stood at 380.38 million manats ($223.75 million), down 2.3% annually. The company's liabilities increased by 12.6% to 300.89 million manats ($176.99 million), while equity decreased by 34.8% to 79.49 million manats ($46.76 million).

SOCAR AQS was established in 2007 and operates in the drilling and repair of oil and gas wells. Its authorized capital is 571,000 manats ($335,882).

The company's founders are the State Oil Company of Azerbaijan (SOCAR), with a 13.4% stake, the Azerbaijan branch of Nobel Oil LTD, with 73.8%, and Absheron Drilling LLC, with 12.8%.