Polisan Holding Increases Net Profit by 259%

Polisan Holding increased its consolidated net profit by 259% in the first nine months of 2022 compared to the same period of the previous year, according to disclosed figures. Polisan Holding shared its financial results for the first nine months of 2022. According to these results, Polisan Holding increased its combined revenues to TRY 5.2 billion and consolidated revenues to TRY 3.2 billion in the first nine months of 2022 compared to the same period of the previous year. Polisan Holding Chief Executive Officer Mehmet Hacıkamiloğlu made statements on the matter.

Polisan Holding Increased Net Profit to TRY 448 Million

Polisan Holding increased its net profit by 259% to TRY 448 million compared to the same period of the previous year while also increasing consolidated revenues by 144% to TRY 3.2 billion. The holding raised its EBITDA margin by 0.4 points to reach 17.4%. The company, which also recorded increases in combined financial results, raised its combined revenues by 112% to reach TRY 5.2 billion. Polisan Holding's combined net profitability grew by 228% and reached TRY 448 million.

Exports Increased by 79% Compared to Previous Year

Polisan Holding Chief Executive Officer Mehmet Hacıkamiloğlu evaluated the financial results. Providing information about innovations expected to contribute positively to profitability and growth in the future, Hacıkamiloğlu also shared that the Turkish decorative paints market experienced contraction due to the construction sector slowdown and raw material needs. Mehmet Hacıkamiloğlu noted that Polisan Kansai Boya, a foreign business partnership, continues its sales and marketing activities in the field with different campaign structures. Mehmet Hacıkamiloğlu stated: "We export to 26 countries including Austria, Azerbaijan, Bulgaria, Egypt, France, Georgia, Russia, Israel, Turkmenistan, the Netherlands and Romania. Together with London, we have 127 sales points abroad and increased our exports by 79% compared to the previous year." Making statements on product work supporting the environment and sustainability, Hacıkamiloğlu said: "Our Polisan Kansai Boya Research and Development Center continues its work at full speed on high value-added exterior facade paints that prevent harmful gas penetration and have high UV resistance."

Tank Occupancy Rate in Liquid Cargo Reached 95% at Poliport

Mehmet Hacıkamiloğlu noted that tank occupancy rate in the liquid cargo section at Poliport, which Polisan Holding established to conduct port operations, reached 95%. Hacıkamiloğlu stated: "We implemented efficiency-enhancing measures adapted to the changing cargo profile in the dry cargo port and handled higher-margin products such as coils, rebar and pipes. In response to short-term product storage needs in the Kocaeli Gulf Region, we converted our 8,500-square-meter warehouse area into temporary storage space, increasing the operational profitability of our warehouse business line. While continuing our investments to put our additional 19,600-cubic-meter liquid cargo tank capacity into operation in January 2023, we proceeded with automation work on field scales and loading stations. With the goal of increasing cargo diversity and providing our customers with services in all transportation forms, we began discussions with Turkish State Railways (TCDD) for a project that will connect us via a branch line to conventional railway. We continue our profitability-focused investments," he stated.

"As of 30 September, We Started Operating Our Construction Chemicals Business Line as a Separate Subsidiary Under the Name Polisan Yapıkim Construction Chemicals"

Mehmet Hacıkamiloğlu, saying that profit and growth-focused steps were taken in the business lines of Polisan Kimya, which manufactures formaldehyde and resins, construction chemicals and AdBlue, shared that they built a new resin production facility to meet increasing demand and would put the facility, for which trial production has begun, into operation in the fourth quarter. Pointing out that they separated the construction chemicals business line from Polisan Kimya to expand it with new product groups, Hacıkamiloğlu said: "As of 30 September, we started operating our construction chemicals business line as a separate subsidiary under the name Polisan Yapıkim Construction Chemicals. In this area, we are conducting work to expand our product range with a focus on profitable revenue growth." Referring to the projects carried out by the Polisan Kimya Research and Development Center, Hacıkamiloğlu emphasized that work continues on high value-added new resins. Hacıkamiloğlu also provided information on the current status at Polisan Hellas, the PET production facilities in Greece. In the shadow of the European energy crisis and increased Far East competition, he noted that they worked intensively to manage both production costs and working capital needs effectively in order to turn this crisis into an opportunity.