Recently, Fitch Ratings projected that the State Oil Company of Azerbaijan (SOCAR) will generate approximately $45.94 billion in gross revenue in 2025.

According to the agency, SOCAR's earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected to reach $3.32 billion in 2025. Fitch noted that favorable oil and gas prices have strengthened SOCAR's financial profile.

The agency estimated that SOCAR's revenue for 2024 will amount to $50.61 billion, with an operating EBITDA of $3.54 billion. Additionally, the company's EBITDA margin is expected to rise from 7% in 2024 to 7.2% in 2025.

Fitch attributed SOCAR’s higher profitability compared to its Central Asian counterparts, such as KazMunayGaz and Uzbekneftgaz, to its relatively large trading operations.