Turkish Petkim Increased Its Net Profit by 2.4 Times in Q1

The net profit of the Turkish petrochemical holding Petkim in the first quarter of 2017 compared with the same period in 2016 increased by 2.4 times – up to 359 million Turkish lira (TL), according to the website of the holding.

SOCAR Turkey Energy (the Turkish “daughter” of SOCAR) owns a controlling stake in the petrochemical complex of Turkey Petkim Petrokimya Holding.

The information indicates that the company’s gross profit for January-March 2017 was 468 million TL (2.2 times growth), and the sales volume – 1 billion 766 million TL (an increase of 59.2%).

Assets of Petkim in the first quarter of 2017 amounted to 7 billion 292 million TL (an increase of 16.3%).

The utilization ratio of Petkim’s production capacities in the first quarter reached 94.7%.

Petkim shares are quoted on the Istanbul Stock Exchange.