'Ak Yatırım' company increases financial forecasts on 'Petkim Holding'

Baku. 29 March. REPORT.AZ/ 'Ak Yatırım' company has increased annual market value of the shares of 'Petkim (PetroKimya) Holding A.Ş.', which is the largest asset of the State Oil Company of Azerbaijan Republic (SOCAR) in Turkey, from 4,13 TRY to 4,78 TRY.

Report informs citing Turkish media, in its report, in 2016, 'Ak Yatırım' increased expectations on tax, depreciation expenses, income before interest of 'Petkim' from 498 TRY to 628 TRY.

The report says that net profit of 'Petkim' is expected to make 442 million TRY. Some period ago, this figure made nearly 386 million TRY.

In accordance with the report, volatility in TRY/USD exchange rate positively effects to 'Petkim'.

As the document declares, in 2016-2019, increase in tax, depreciation, income before interest will be 10% on average in a year and make 307 million USD: 'The company will be able to gain 307 million USD tax, depreciation, income before interest through 'Petlim', wind power station, 'Petkojen', 'Star' oil refinery. In the coming period, as a regular dividend payer as well as in accordance with the decision of 'Petkim' Managerial Board, from June 27, payment of 0,315 TRY dividend per share is planned. We expect high dividend payments in the future, too'.