AlwaysFree: Petkim Records Best Quarterly Performance

Petkim, a unit of SOCAR Turkey, posted a net profit of TRY1.325 billion ($157 million) in the second quarter of 2021 and a total turnover of TRY7.397 billion ($876 million), the highest figures in the company’s history in both indicators. For the first half of the year, Petkim registered a net profit of TRY2.216 billion ($262 million). Petkim said the strong performance was driven by the impact of the positive global environment in the petrochemical sector. The company also added that synergies from its STAR Refinery offset the impact from increased raw material costs. Petkim reduced its short-term debts by around $90 million in the quarter while increasing its asset size and equity by 23% and 29%, respectively.