Baku: Fitch Ratings International Rating Agency has released its forecast for the financial performance of the State Oil Company of Azerbaijan (SOCAR) for 2025, APA-Economics reports citing the rating agency.

According to Azeri-Press News Agency, SOCAR’s total revenue in 2025 is forecast to be 45.9 billion US dollars. This represents a 9.3% decrease compared to 2024, where the company’s total revenue is estimated at 50.6 billion dollars.

The company’s operating profit, measured as EBITDA (earnings before interest and taxes to revenue), is forecast to reach 3.32 billion dollars in 2025. This marks a 6.2% decline from the previous year, with SOCAR’s operating profit for 2024 estimated at 3.54 billion dollars.

Fitch also highlighted that SOCAR’s Individual Credit Profile (SCP) was upgraded from ‘b+’ to ‘bb-‘ in October 2023. The company’s overall rating has not been changed yet.