Petkim significantly increases assets in 2018
Baku, Azerbaijan, March 2
By Azad Hasanli - Trend:
In 2018, the assets of the Petkim petrochemical complex in Turkey, owned by Azerbaijan's State Oil Company SOCAR, amounted to 12.59 billion Turkish liras, having increased by 61.5 percent over a year, Trend reports referring to the company's audited report.
The current assets of Petkim at the end of 2018 amounted to 7.99 billion Turkish liras, which is almost twice the figure of the previous year.
The cash held by the company amounted to three billion liras (doubled over a year). Investments in real estate and equipment amounted to almost 4.1 billion liras.
The total liabilities of the company increased by 2.17 times over a year, thus reached 8.45 billion liras. Of the liabilities 2.78 billion liras fell to short-term liabilities, 4.3 billion liras - to long-term financial liabilities, including 1.68 billion liras - borrowings from banks, 2.6 billion liras - issuance of bonds.
The company's share capital is 1.65 billion manats. The company's net profit is 871.67 million liras (1.4 billion liras in 2017).
Petkim produces plastic packaging, fabrics, PVC, detergents, and being the only Turkish manufacturer of such products, the company exports a quarter of its production. The complex includes 14 factories producing 20 different types of products. Petkim's production capacity is 3.6 million tons per year.
Equity participation of shareholders in the complex’s capital is as follows: SOCAR Turkey Petrokimya A.S. - 51 percent, 49 percent of the shares are in free float on the stock exchange.
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