On March 6, Vadim Pshenichny, the Director of the Risk Management Department at the State Oil Fund of Azerbaijan (SOFAZ), announced that the fund's total revenues from its establishment until December 31, 2024, amounted to $207.3 billion.

Speaking at a media briefing on the investment results for 2024 and prospects for 2025, Pshenichny reported that total revenues from oil and gas agreements during the fund's operation reached $192.4 billion (92.8% of all revenues), while investment income accounted for $14.9 billion (7.2%).

He noted that SOFAZ’s total expenditures amounted to $147.3 billion, of which $132.6 billion (90%) was transferred to the state budget of Azerbaijan, $11.9 billion (8.1%) was allocated for project financing, extra-budgetary expenses totaled $2.3 billion (1.6%), and operational expenses reached $0.47 billion (0.3%).

Toghrul Rahimbayli, the Head of Asset Allocation, Risk, and Performance at SOFAZ’s Risk Management Department, stated that the fund's total income from financial asset management between 2015 and 2024 was $7.2 billion. He detailed that investment income consisted of $2.7 billion from bonds, $3.5 billion from stocks, and $1 billion from real estate.

Rahimbayli emphasized that SOFAZ is diversifying its portfolio to enhance profitability. He noted that although real estate and stocks made up only 21% of the investment portfolio by the end of 2024, they contributed 63% of the total income. He also highlighted that the average annual return on SOFAZ’s investment portfolio over the past seven years was 3%.

Farhad Zeynalov, the Director of the Investment Department at SOFAZ, stated that since the creation of SOFAZ’s investment portfolio, the average annual return on real estate investments was 2.9%, generating a profit of $1 billion. He noted that the total investment value in real estate reached $3.5 billion, representing a 5.9% share in the portfolio, and emphasized that regional and sectoral distribution would align with the global real estate index.

Rahimbayli announced that from 2025, SOFAZ’s investment portfolio structure would be adjusted, reducing the share of bond investments by 10 percentage points (pp) to 40%, while increasing stocks by 3 pp to 25%, real estate by 3 pp to 10%, and gold to 25% (+4 pp).

Zeynalov further stated that the volume of gold in SOFAZ’s assets is expected to increase to 170 tons by April-May 2025. He reported that in 2024, SOFAZ purchased 44.8 tons of gold, of which 41 tons have already been delivered to Azerbaijan, bringing the total volume to 146.6 tons (20.6% of the investment portfolio) worth $12.4 billion as of December 31, 2024.