Turkish petrochemical holding Petkim reported a net loss of $2.745 million in January-September 2024, compared to a net loss of $278.92 million for the same period last year, Report informs referring to Petkim Petrokimya Holding's financial statements for the first nine months of 2024.
According to the statements, Petkim's revenue for January-September 2024 amounted to $1.668 billion [7.6% decrease], cost of sales was $1.688 billion [10.2% decrease], gross loss was $19.723 million (3.8 times decrease).
Petkim's main operating loss during the reporting period was $114.5 million [30.9% decrease], the pre-tax loss was $71.652 million (2.7 times decrease).
Deferred profit tax in January-September 2024 amounted to $68.9 million, resulting in the holding's net profit of $2.745 million for January-September. Petkim's assets as of September 30, 2024, amounted to $3.47 billion [8.6% decrease from December 31, 2023].
Current assets were $697.5 million (13.5% decrease), while long-term assets were $2.773 billion (7.3% decrease).
The holding's liabilities at the end of September 2024 are estimated at $1.652 billion (6.1% decrease), equity at $1.817 billion (10.8% decrease). Petkim's share capital remains unchanged at $73.975 million.
SOCAR Turkiye Enerji [SOCAR's Turkish subsidiary] owns the controlling stake in Turkiye's petrochemical complex Petkim Petrokimya Holding.
Petkim, founded on April 3, 1965, is Turkiye's leading petrochemical complex.