BAKU, Azerbaijan, October 23. The value of the
State Oil Fund of Azerbaijan’s (SOFAZ) investments in gold bars
amounted to 47.7 billion manat ($28.06 billion), and their share in
assets amounted to 37.9% as of January 1 this year.
According to Trend’s calculations based on the fund’s financial
report, the value of gold investments was approximately 2.3 times
higher than the figure recorded on January 1, 2025. At the
beginning of 2025, SOFAZ’s investments in gold bars were valued at
21.08 billion manat ($12.4 billion).
Thus, the value of the fund’s gold assets increased by 26.62
billion manat ($15.66 billion) over the year.
Other figures in the report also confirm that gold’s share of
SOFAZ’s investment portfolio has increased. Gold bars accounted for
20.5% of the fund’s total assets on January 1, 2025, rising to
37.9% by January 1, 2026. As a result, gold’s share of total assets
increased by 17.4 percentage points over the year.
With gold accounting for 37.9% of total assets, it has become
one of the principal components of SOFAZ’s investment
portfolio.
According to SOFAZ’s financial report, the fund’s investment
portfolio includes bonds, equity investments, real estate,
infrastructure, and private equity funds, as well as other
financial instruments alongside gold bars.
Gold investments played an important role in increasing the
fund’s investment revenues in 2025. Income from gold bar
investments amounted to 16.85 billion manat ($9.91 billion) last
year, compared with 3.39 billion manat ($1.99 billion) in 2024.
Thus, revenues from gold investments increased approximately
fivefold over the year.
The increase in income from gold investments also had a
significant impact on the Fund’s overall financial results. SOFAZ
ended 2025 with a net profit of 26.9 billion manat ($15.8 billion),
approximately 3.4 times higher than its 2024 result.
An increase in the reported value of investment assets and
income generated from those assets are related but distinct
measures. Asset values reflect the valuation of the portfolio as of
the reporting date, while investment income reflects revenues
affecting financial results during the relevant period.
SOFAZ’s assets reach 125.7 billion manat ($73.95
billion)
As of January 1, 2026, SOFAZ’s total assets amounted to 125.72
billion manat ($73.95 billion), an increase of 22.5% compared with
the beginning of 2025.
As of that date, the fund’s equity stood at 125.25 billion manat
($73.68 billion), while liabilities amounted to 471.69 million
manat ($277.46 million). Over the year, equity increased by 22.5%,
and liabilities rose by 11.3%.
The State Oil Fund of Azerbaijan was established by a
presidential decree dated December 29, 1999. Its primary objective
is to ensure the accumulation and effective management of revenues
and other funds generated from the exploration and development of
the country’s oil and gas reserves, as well as from the fund’s own
activities, in the interests of present and future generations of
Azerbaijani citizens.
