SOFAZ received AZN 498.9 million in dividends in 2025. The figure was up AZN 82.4 million, or 19.8%, from 2024, according to the annual financial statements.
Total equity income reached AZN 5.292 billion. That amount is not all dividends: most of the result came from fair-value changes and foreign-exchange effects.
Three components of equity income
| AZN million | 2024 | 2025 |
|---|---|---|
| Dividends | 416.587 | 498.944 |
| Fair-value gain | 3,363.404 | 3,951.926 |
| Foreign-exchange result | -566.978 | 841.205 |
| Total equity income | 3,213.013 | 5,292.075 |
Dividends represented about 9.4% of total equity income. Fair-value gains reached AZN 3.952 billion, while the positive foreign-exchange result was AZN 841.2 million.
Cash distributions and valuation changes
Dividends are payments made by companies to their shareholders. SOFAZ’s cash-flow statement also records AZN 498.944 million of dividends received.
A holding’s value can increase while the fund continues to own the shares. Currency translation can also affect reported income. Neither component should automatically be treated as a cash payment by the investee company.
Assessing the fund’s results therefore requires distinguishing money received from changes in asset values. The AZN 5.292 billion total combines these different elements; it does not mean companies paid SOFAZ that amount in cash.
Source: SOFAZ Annual Report 2025, printed pages 96–97, 121. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.