SOFAZ reported an AZN 16.85 billion fair-value gain on gold for 2025. That amount was equivalent to 62.6% of the group’s AZN 26.91 billion net profit, according to the annual financial statements.
The gold revaluation gain was AZN 3.39 billion in 2024. Its sharp increase became a major component of the 2025 financial result.
How the carrying value changed
| Component | AZN million |
|---|---|
| Opening carrying value | 21,002.767 |
| Additions | 9,854.809 |
| Fair-value gain | 16,849.884 |
| Closing carrying value | 47,707.460 |
Gold’s opening carrying value was AZN 21.003 billion. The table records AZN 9.855 billion of additions and an AZN 16.850 billion positive revaluation, taking the closing value to AZN 47.707 billion.
A gain without selling bullion
A rise in gold’s market value increases the asset’s value in the financial statements. A gain can be recognised while the fund continues to hold the gold.
The AZN 16.85 billion figure is therefore not cash proceeds from gold sales or an amount automatically transferred to the budget. Additions of AZN 9.855 billion are recorded separately: buying an asset and recognising a gain on its value have different economic meanings.
Both the amount acquired and changes in valuation matter when assessing the country’s savings. If market prices move in the opposite direction, revaluation can reduce the financial result even without a sale.
Source: SOFAZ Annual Report 2025, printed pages 95, 113. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.