BAKU, Azerbaijan, Aug.18
By Leman Zeynalova – Trend:
Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR saw a 47 percent increase in net sales quarter-on-quarter, Trend reports with reference to SOCAR.
The net sales by Petkim stood at 7.397 billion Turkish liras n Q2 2021, as compared to 5.034 billion Turkish liras in Q1. Its gross income rose from 1.210 billion Turkish liras in Q1 to 1.884 billion liras in Q2, a 56 percent increase. Net income grew by 49 percent from 892 million liras to 1.325 billion liras. EBITDA (Earnings before interest, taxes, depreciation and amortization) stood at 1.890 billion liras in Q2, as compared to 1.225 billion liras in Q1, a 54 percent increase.
The positive trends in the global petrochemical sector put upward pressure on Petkim’s financial performance during this period. Moreover, the global spending was lower than the price hike for products, which was yet another factor positively affecting Petkim’s income. Petkim’s products rose in price as a result of the disruption in supply chains in Asia’s and America’s petrochemical complex and higher-than-expected purchases. The vaccination process also gave an impetus to the overall demand. All these factors ensured high-level financial performance of Petkim, which used 95 percent of its capacity.
Petkim is the first and the sole integrated petrochemical facility in Turkey. It is the largest exporter in the Aegean region. Petkim’s production capacity is 3.6 million tons per year. The petrochemical complex produces around 60 different types of products and exports to 78 countries. The complex meets about 20 percent of Turkey’s demand for petrochemical products.
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