Profit of Petkim Holding soars 90%

Baku. 2 March. REPORT.AZ/ Petkim Holding, mainly owned by the State Oil Company of Azerbaijan Republic (SOCAR), has published financial results for 2017.

Report informs referring to the Turkey’s Public Disclosure Platform (KAP).

The company's revenues in this period increased by 62.4% compared to previous year and amounted to 7.346 billion TRY (about $ 1.933 billion). Net profit of company in 2017 amounted to 1.389 billion TRY (about $ 365 million), which is 90% higher than in 2016.

As of January 1, assets of the holding amounted to 7.789 billion TRY (about $ 2.05 billion), which is 24.2% higher than the figure of January 1, 2017.

Notably, in 2008, SOCAR has acquired Petkim from Turkey's Privatization Administration (51%) for $ 2.04 billion and launched its activity in Turkey. The remaining shares of the holding are in circulation on the Istanbul Stock Exchange. Shares of Petkim since the beginning of year up by 4% to 8.11 TRY. Last year, the value of shares increased 2.3 times.

Petkim is the first and only petrochemical complex in Turkey and largest exporter of  Aegean region.