Petkim’s net profit sharply increased

Baku. 9 August. REPORT.AZ/ In April-June of this year, net profit of Petkim Petrokimya Holding, the main share of which belongs to the State Oil Company of Azerbaijan (SOCAR), increased by 183% up to 356 million Turkish lira (TRY) in comparison with the first quarter of the year.

Report informs referring to the company's data, in the second quarter net sales of Petkim increased by 25% compared to the previous quarter - up to 2.3 billion lira.

In the second quarter pre-tax profit of Petkim (before interest, depreciation and taxes) increased by 80%, reaching 439 million lira. In the second quarter, the utilization rate of Petkim's production capacity was 96%.

Petkim's General Director Anar Mammadov said that these high indicators were achieved due to successful operations, fruitful cooperation and investments in technology. The General Director noted that 2018 was a turning point for Petkim:

"This year we started with the purchase of a stake in STAR Refinery. With the start of production at the STAR plant in the fourth quarter of this year, our need for raw materials will be fully provided by this plant”.

A. Mammadov noted that at present Petkim meets 20% of Turkey's petrochemical needs.

According to him, the first results of the project in connection with digitization will be achieved at the end of this year.

Notably, SOCAR acquired 51% stake in Petkim in 2008. The remaining shares of the holding are in circulation on the Istanbul Stock Exchange.