Net profit of Turkey’s Petkim increased by 14% last year

The financial success of Petkim, a subsidiary of Turkey’s largest industrial holding SOCAR Turkey, along with the implementation of integrated production with the STAR refinery, was greatly influenced by the steps taken towards increasing productivity and digitalization, Petkim Director-General, head of SOCAR Turkey Refinery and Petrochemical Business Unit Anar Mammadov said, Report informs, referring to SOCAR.

Mammadov noted that the correct management of funds with interest and foreign exchange risks and the optimization of operating expenses also had a positive impact on the achieved results.

"As a result of improving the production process and implementing effective service programs, the number of our working days has reached a maximum. These steps have played an important role in increasing our net profit in 2020 by 14 percent to 1.1 billion Turkish liras ($150 million) and our operating profit to 1.9 billion Turkish liras ($259.2 million)," he added.

Thanks to the Industry 4.0 standard achieved through digital applications and systems, Petkim, as the only company in 2020 selected from Turkey to the Global Lighthouse Network of the World Economic Forum (WEF), is now firmly established among enterprises successfully applying Industry 4.0 technologies in production.

With 56 years of knowledge and experience, Petkim has confidently entered the pharmaceutical, detergent, cosmetics sector, along with the plastic, chemical, packaging, paint and varnish, construction, agricultural, automotive, electrical, electronic, textile sectors with approximately 60 types of petrochemical products included in the Petkim portfolio.