Baku, Azerbaijan, May 8
By Azad Hasanli – Trend:
The net profit of Petkim petrochemical holding amounted to 126 million Turkish liras in the first quarter of 2018, which is almost three times less than in January-March 2017, according to the financial report of the holding.
During the reported period, Petkim's revenues amounted to 1.9 billion liras (a growth of 6 percent per year), while expenditures stood at 1.6 billion liras (a growth of 23 percent per year).
Petkim's assets increased by 30 percent compared to the January-March 2017, amounting to 10.1 billion liras. One third of this volume (3.3 billion liras) is concentrated in the form of cash and deposits on bank accounts. The holding also has property, plant and various equipment worth 3.2 billion liras.
The liabilities of Petkim for the same period almost doubled, from 3.9 billion liras to 6.65 billion liras. In the structure of liabilities, the bulk is accounted for by bank loans (1.9 billion liras) and bonds (1.98 billion liras).
The share capital is 1.5 billion liras. The controlling stake belongs to SOCAR Turkey Petrokimya (51 percent or 765 million liras). The remaining shares are freely traded on the stock exchange.
Petkim completed 2017 with a record profit of 1.4 billion liras. Of this amount, about 540 million liras have been paid to shareholders as dividends since early May 2018.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The production capacity of Petkim is 3.6 million tons per year. The complex includes 14 plants that produce 20 different types of products.
--
Follow the author on Twitter: @AzadHasanli