BAKU, Azerbaijan, May 10. Sales revenue of Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey stood at 11.4 billion Turkish liras in the first quarter of 2022, 20 percent increase quarter-on-quarter, Trend reports with reference to SOCAR Turkey.
“Petkim, which managed to strengthen its cash position in the first quarter of 2022 with the effect of the currency protected deposit system, continued its production without interruption despite cost increases. With a sales revenue of 11.4 billion TL in the first three months, the share of Petkim's commercial sales reached 33 percent in total sales. Petkim continued to generate financial value for the country's economy with the corporate income tax of 258 million TL accrued during this difficult period,” said the company.
Reportedly, Petkim closed the first quarter of 2022 with a gross profit of 1.7 billion TL and a net profit of 1.8 billion TL. Despite the global geopolitical risks, Petkim started this year well with its management success in the first quarter, its productivity-enhancing efforts and the uninterrupted raw material support of STAR Refinery.
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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