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Petkim's profit up by almost twofold
Mar 05, 2018 (TREND News Agency via COMTEX) --

Baku, Azerbaijan, March 5

By Maksim Tsurkov - Trend:

Profit of Petkim Petrokimya Holding AS increased by 93 percent in 2017 as compared to 2016, the Turkish media quoted the company's General Manager Anar Mammadov as saying.

Mammadov said that the company's profit rose from 725 million Turkish liras in 2016 to 1.4 billion liras in 2017.

"The main reason for the increase in profits is explained with the decline in oil prices and the depreciation of the Turkish lira, as well as the increase in production thanks to the effective work. About 3.42 million tons of products were produced with a production capacity of 3.6 million tons, in other words, the capacity was used by 97 percent. About 10 percent of the increase was achieved thanks to the implementation of the "My Petkim" program," the general manager noted.

He said that as a result of Petkim's integration with the Star refinery, annual profit will increase by $100 million.

"We will improve our efficiency after integration with the Star Refinery, and $60 million of additional profit will be received thanks to advantages in the field of logistics, and additional $40 million - through carrying out joint services," Mammadov added.

Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The production capacity of Petkim is 3.6 million tons per year.

Petkim shareholders are SOCAR Turkey Petrokimya AS (51 percent), while 49 percent is in free circulation on the stock exchange.

The complex includes 14 plants that produce 20 different types of products.

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