Petkim Petrochemical Holding, a subsidiary of the State Oil Company of Azerbaijan (SOCAR) in Türkiye, posted a net profit of 2.685 billion Turkish Lira (TL) for the first half of 2024, in stark contrast to the net loss of 5.782 billion TL recorded in the same period of 2023, Report informs.
According to the financial statements released by Petkim, the company's revenues for the first six months of 2024 stood at 36.668 billion TL, a slight decrease of 0.3% compared to the previous year. The cost of sales amounted to 36.212 billion TL, showing a 7.3% reduction. Petkim's gross profit reached 456.338 million TL, a significant rise from the gross loss of 2.297 billion TL in the corresponding period of 2023.
The operating loss of the company decreased by 2.4 times, amounting to 1.709 billion TL in the first half of 2024. Petkim's profit before tax reached 934.418 million TL, a notable recovery from the loss of 4.802 billion TL in the same period of the previous year. The deferred income tax for the January-June period was 1.751 billion TL, contributing to the company's overall net profit of 2.685 billion TL.
As of June 30, 2024, Petkim's total assets stood at 115.471 billion TL, a decrease of 3.4% compared to the figures on December 31, 2023. Short-term assets amounted to 24.873 billion TL (2% decrease), while long-term assets were valued at 90.598 billion TL (3.7% decrease). The company's liabilities as of the end of June 2024 were 53.803 billion TL (2.9% decrease), and its capital was assessed at 61.668 billion TL (3.8% decrease). Petkim's paid-in capital remains unchanged at 2.534 billion TL.
Petkim Petrochemical Holding, founded in 1965, is Türkiye's first and largest integrated petrochemical facility. Today, Petkim plays a crucial role in Türkiye's petrochemical industry, supplying raw materials to various sectors such as packaging, textiles, and automotive.
(1 TL=$0.02 as of August 29, 2024)