AlwaysFree: Turkey’s Petkim Posts Higher Earnings In January-September 2021

Petkim, a subsidiary of SOCAR Turkey, reported a net profit of TRY3.9 billion ($401.09 million) for the first nine months of 2021, surging from TRY446 million in the same period in 2020. Sales during January-September totalled TRY19.16 billion ($1.97 billion), compared to TRY8.05 a year earlier. Petkim’s equity climbed by 50% from the end of 2020, while its total debt dropped by $261 million. The company also raised its capacity utilisation rate from 89.5% to 92.2%, thanks to the integration of the STAR refinery. Petkim’s General Manager Anar Mammadov said petrochemical demand improved in line with the recovery from the COVID-19 pandemic. However, the company faced rising costs and lower profit margins in the third quarter of 2021 due to supply chain challenges.