BAKU, Azerbaijan, March 2
By Nargiz Ismayilova – Trend:
The assets of Petkim petrochemical complex located in Turkey, owned by the Azerbaijani state oil company SOCAR, amounted to 14.8 billion Turkish liras ($2.4 billion) in 2019, which is an increase of 14.9 percent for the year, Trend reports on March 2 referring to the company's audited report.
Petkim's current assets amounted to 12.6 billion Turkish liras (over $2 billion) in 2019, which is 15.6 percent more than in 2018.
The total liabilities of the company for the year increased by 1.2 times, amounting to 9.9 billion Turkish liras ($1.6 billion). In the structure of liabilities, 3.7 billion Turkish liras ($593 million) accounted for short-term liabilities, 4.8 billion Turkish liras ($770 million) for long-term financial obligations, including 1.3 billion Turkish liras ($208 million) - for borrowing from banks and almost three billion Turkish liras ($481 million) - for issuing bonds.
The company’s share capital is 2.1 billion Turkish liras ($337 million). The company's net profit is 813.2 million Turkish liras ($130.5 million) compared to 871.6 million Turkish liras ($139.8 million) in 2018.
The company's revenues amounted to 11.7 billion Turkish liras ($1.8 billion) in 2019, which is 20.5 percent more than in 2018.
Petkim manufactures plastic packaging, fabrics, PVC, detergents, and being the only Turkish manufacturer of these products, the company exports a quarter of its production.
The complex includes 14 factories manufacturing 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, and 49 percent of the shares are in free float on the stock exchange.
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