Petkim, a subsidiary of the biggest foreign direct investor SOCAR Turkey, has succeeded in improving its financial indicators in the first quarter of 2021 despite the negative effects of the COVID pandemic, Report informs referring to the company.
Petkim’s production capacity reached 92 percent, while many petrochemical companies cut or even stopped production due to a shortage of raw materials.
The share of the domestic market in the sales of the company, the total revenue of which in the first three months reached 5 billion liras ($603.2 million), was 66 percent.
An important role in this success of Petkim belongs to the integrated production together with the STAR refinery, which during this period continued to operate at full capacity, regularly supplying Petkim with high-quality naphtha. Petkim generated a net profit of 892 million liras ($107.6 million) in the first three months of 2021.
Anar Mammadov, head of SOCAR Turkey Refinery and Petrochemicals Business Unit and CFO of Petkim, noted that they demonstrated successful financial performance in the first quarter of the year: “Our EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) showed an increase of 56 percent compared to the previous quarter. These indicators, achieved during a difficult period, were greatly influenced by the increase in operational efficiency through innovative solutions. Additional investments to improve productivity in our plants have reached 131 million liras ($15.7 million).”