Baku, Azerbaijan, Aug. 26
By Azad Hasanli – Trend:
The Ziraat Yatirim company has increased target price of shares of Petkim petrochemical complex from 4.6 Turkish liras to 5.1 Turkish liras, according to the company's report.
“Net profit of Petkim in the second quarter of 2016 increased by 27 percent to 226.9 million liras compared to the same period of 2015, exceeding both our expectations [169 million liras] and the expectations of the market [153 million liras],” the report says.
The Ziraat Yatirim company estimated that the market value of Petkim increased from 6.9 billion liras to 7.65 billion liras. The company justifies this by saying that in the first half of 2016, oil prices have started to gradually grow, which favorably affected the profit of the petrochemical complex.
As of end of the second quarter of 2016, Petkim’s assets totaled 4.98 billion liras, having decreased by 8.8 percent during the year. A significant part of the assets fell to tangible assets - 2.5 billion liras.
Liabilities of the petrochemical complex decreased by 13.5 percent and amounted to 2.3 billion liras. Petkim’s paid-in capital amounts to 1.5 billion liras.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported.
The complex includes 14 plants which produce 20 various types of products. The annual production capacity of Petkim is 3.6 million tons.
Its shareholders are: SOCAR Turkey Petrokimya AS – 51 percent, SOCAR Turkey Enerji AS – 5.3216 percent, while 43.6784 percent of the shares are in free float on the stock exchange.