Algiers, DZWatch – Algerian state-owned energy giant Sonatrach has announced a significant increase in its net profit for the year 2024, reporting a 20% surge compared to 2023. The company’s net profit reached 812 billion Algerian dinars, equivalent to approximately $6 billion US dollars.
According to Sonatrach’s 2024 annual report, initial hydrocarbon production remained stable year-on-year, reaching 193.7 million tons of oil equivalent (TOE) in 2024, compared to 193.8 million TOE in 2023 and 189.6 million TOE in 2022. Despite a challenging global energy market, the company demonstrated resilience and adaptability.
Sonatrach noted that the 2024 financial year was characterized by a “less favorable” environment than 2023, primarily due to lower oil and gas prices. However, the company achieved record fuel production, including 10.8 million tons of fuel oil and 3.7 million tons of gasoline.
Total investments by Sonatrach in 2024 amounted to 835 billion dinars ($6 billion USD), an 11% increase. A significant portion (79%) of these investments was allocated to exploration and production activities.
The annual report highlighted the “remarkable performance” of petrochemical complexes in 2024. The CP2K petrochemical complex in Skikda recorded a 101% increase in high-density polyethylene production. Crude oil processing also increased by 2% to reach 26.5 million tons of processed oil.
Despite the downturn in global oil and gas markets, Sonatrach continued to pursue its development plan. The company’s export revenue reached 6019 billion dinars ($45 billion USD) in 2024, while total revenue amounted to 6523 billion dinars. Oil tax payments totaled 3872 billion dinars for the past year.
