Profit of Petkim Holding sharply soars

Baku. 10 November. REPORT.AZ/ Financial performance of Petkim Holding, mainly owned by the State Oil Company of Azerbaijan Republic (SOCAR), was announced on results for 9 months of 2017.

Report informs citing the statement in the Turkish Public Disclosure Platform (PDP), net profit of the company during this period amounted to 1.027 billion TRY. This figure is more by 2-fold than the same period in 2016.

Petkim profit for Quarter 3 2017 climbed 2.7-fold compared to the same period in 2016 and reached 372.040 mln TRY.

Petkim Holding assets made 6.802 bln TRY to October 1, 2017, while this figure amounted to 6.269 bln TRY by late 2016.

Notably, in 2008, SOCAR purchased Petkim (51%) for $ 2.040 billion and launched activity in Turkey. Currently, SOCAR owns 51% of Petkim Holding shares. The rest of Petkim’s stakes is in circulation at Istanbul Stock Exchange. “Petkim” is the first and only petroleum chemical complex in Turkey and biggest exporter of the Aegean region.