Baku: The net profit of the State Oil Fund of Azerbaijan (SOFAZ) has decreased by 3%, APA-Economics reports. SOFAZ ended 2024 with an estimated net profit of approximately 7.9 billion manats, which is 3% less compared to the previous year.

According to Azeri-Press News Agency, during the reporting year, the Fund’s main revenues came from gold investments, which amounted to around 3.4 billion manats, the equity portfolio at approximately 3.2 billion manats, and bonds at around 680 million manats. While income from gold increased by 2.5 times, revenues from bonds and equities experienced declines of 4.5% and 11%, respectively. Additionally, losses were recorded from derivative financial instruments and some other categories.

As of January 1, 2025, the Fund’s assets totaled 102.6 billion manats, marking a 7.2% increase, while liabilities fell to 423 million manats, showing a 7.4% decrease. The balance capital rose to 102.2 billion manats.