Caspian Energy - Petkim's profit decrease
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August 2018
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Wednesday, 16 May 2018 17:00

Petkim's profit decrease

Petkim's profit decrease

In the IQ 2018 net profit of Turkish petrochemical complex under SOCAR decreased almost 3 times. And the gross profit of the petrochemical holding Petkim fell by 41.1%, Caspian Energy News (www.caspianenergy.net) reports.

In IQ 2018 the net profit of Petkim, a Turkish petrochemical holding under SOCAR, fell 2.8 times compared to the corresponding period of 2017 to 125.808 million Turkish liras. According to Petkim’s data, the gross profit amounted to 276,001 million Turkish liras, down 41.1%, net sales comprised 1 billion 878.948 million liras (up 5.9%). Earnings before taxation decreased 2.6 times to 165.972 million liras.

As of late March, assets of Petkim amounted to 10 billion 89.009 million liras, up 29.5% y-o-y. The own capital decreased by 10.7% to 3 billion 440.975 million liras. In January-March of this year the capacity utilization rate of Petkim's production facilities was 76% vs. 94.7% in January-March 2017.

Investments in the development of the Turkish petrochemical complex Petkim Petrokimya Holding in the first quarter of this year amounted to 57.4 million liras (about $13.5 million). In 2018, the complex plans to invest in modernizing its plants, improving its operations through technological development, increasing energy efficiency, the company said.

As part of the investment program for 2018, Petkim Petrokimya Holding plans to invest a part of the funds into implementation of a project for putting in place the bipolar technology at chlor-alkali production.

Petkim Petrokimya Holding, founded on April 3, 1965, is the leading petrochemical complex in Turkey. Petkim shares are listed at the Istanbul Stock Exchange.

Person in charge of the newsline: Fidan Isayeva

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