Petkim, one of the group companies of SOCAR Turkiye, closed last year with a net profit of ₺6.5 billion despite the shrinkage in profit margins in the petrochemical industry.
Petkim, one of the group companies of SOCAR Turkiye, closed the last year with a net profit of ₺6.5 billion, despite the shrinkage in profit margins in the petrochemical industry.
According to the statement made by the company, Petkim increased its total sales by 70% to ₺49 billion last year compared to the previous year, and increased its cash assets to ₺13 billion.
Competent human resources, strong management approach, cash position, credibility and integration with STAR Refinery came to the fore in the results of the company in the last year, when profit margins in the petrochemical industry narrowed significantly.
Thus, Petkim increased its net profit for the period to ₺6.5 billion despite the falling product prices and profit margins all over the world since the first quarter of last year.
‘Project Earth’ was commissioned in Petkim
According to the statement, Project Earth, the S4/HANA project initiated by SOCAR Turkiye with SAP last year, has also been implemented in Petkim.
Thanks to this project, corporate processes such as accounting transactions and invoice approvals can be managed end-to-end and data flow can be realized between SOCAR Turkiye and its group companies.
On the other hand, Petkim paid the Eurobond amounting to $500 million, which was due in January 2023, with its internal resources, and obtained long-term new funds of $300 million from abroad.
Thus, while the Eurobond payment was made successfully in 2023, long-term debt was reduced by $200 million.
In addition, Petkim was awarded the International Sustainability and Carbon Certification (ISCC) Plus certificate, which certifies that sustainable production requirements are applied. Within the scope of the certificate, Petkim will be able to produce bio, cyclic and bio-cyclic products.
Source: AA / Prepared by Irem Yildiz