Petkim increases net profit by 93% in first half of 2022

In the first half of 2022, the net profit of Petkim, a subsidiary of SOCAR Turkey, was 4.3 billion liras ($239.4 million), showing a 93 % growth compared to 2021, Report informs, citing the Turkish press.

Petkim's statement says that despite the decrease in product profitability and planned shutdowns of the enterprise, this success was achieved thanks to a flexible management approach, an effective marketing strategy, the used financing methods and the impact of the exchange rate.

As noted in the statement, due to effective marketing strategy, a wide range of products, and successful management of sales of commercial products, the decline in product profitability in global markets has not affected the overall result in the profitability of the company.

It was also emphasized that Petkim, which continues its integrated production with the STAR oil refinery, has continuously met the demands of the domestic market.

SOCAR Turkey was established in late 2006 as a subsidiary of the State Oil Company of Azerbaijan (SOCAR) in Turkiye. The company is aimed at implementing projects in the field of oil refining and petrochemistry, and trading in natural gas. SOCAR Turkiye Enerji owns a controlling stake in Petkim Petrokimya Holding.

The complex produces plastics, textiles, as well as ethylene, polyethylene, polyvinyl chloride, polypropylene, and other petrochemical products used in the production of other consumer and industrial products.

Petkim's shares are valued at the Istanbul Stock Exchange (Borsa Istanbul).