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Petkim's net profit exceeds 2.5 mln liras

12 November 2014 14:35 (UTC+04:00)
Petkim's net profit exceeds 2.5 mln liras

By Aynur Jafarova

The net profit of Petkim Petrochemical Holding reached 2.56 million Turkish liras in January-September 2014.

The figure stood at 48.6 million liras in the same period of 2013, Petkim said.

Petkim, in which Azerbaijan's state energy company SOCAR owns 61.32 percent of equity shares, made a net profit of 49 million liras in 2013.

"During the reported period, the turnover of the holding was 3.3 billion liras, gross profit - 132.6 million liras, and net profit - 2.56 million liras," Petkim said.

Petkim Petrochemical Complex, which includes 15 major factories and seven auxiliary units, manufactures plastic packages, fabrics, PVC, and detergents, and is the only Turkish producer of such products.

A quarter of Petkim's products are exported to foreign markets.

The total production volume of the holding amounted to nearly 2.82 million tons in 2013, compared to 3.03 million tons in 2012.

On March 30, 2012, SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent. Some 38.67 percent of the shares are on free circulation on the Istanbul Stock Exchange.

Investments in the development of the complex will amount to $114 million in 2014. Petkim's share in the Turkish market is expected to hit 40 percent by 2023.

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