Petkim achieves record high profit
Baku, Azerbaijan, Aug. 10
By Ilkin Shafiyev – Trend:
Net profit of Petkim Petrochemical Holding AS, where the Azerbaijani state oil company SOCAR owns a controlling stake, amounted to 356 million Turkish liras in the second quarter of this year, the Turkish media wrote referring to a statement released by Petkim.
Thus, the net profit increased by 183 percent compared to the first quarter, the message says.
Net sales of Petkim increased by 25 percent to 2.3 billion liras in April-June 2018.
Petkim's EBITDA increased by 80 percent to 439 million liras.
The production capacity of the enterprise was used by 96 percent in the reported period.
"Successful operations, fruitful cooperation and investment in technologies are the keys to successful results. In general, 2018 is a watershed year for us. STAR oil refinery, to start its operations in 4Q2018, will fully satisfy our needs in raw materials," the media quoted General Director of Petkim Petrochemical Holding AS Anar Mammadov as saying.
He noted that at the moment Petkim satisfies 20 percent of Turkey's needs in petrochemical products.
Petkim produces plastic packages, fabrics, PVC, 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.
(5.9362 TRY = 1 USD on August 10)
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