Aksa Akrilik Significantly Increases Profit Before EBITDA in Q1 2020

Aksa Akrilik disclosed its first-quarter 2020 financial results. The company's earnings before interest, taxes and depreciation increased 42 percent year-on-year to TRY 197,989 thousand. Aksa Akrilik holds the position of world's largest acrylic fibre producer with a 19% global market share. According to information shared by the company, sales revenues rose 14.8% compared to the first quarter of the previous year, reaching TRY 1,062 million. The company's earnings before interest, taxes, depreciation and amortisation (EBITDA), which increased 42% relative to the same period of the previous year, reached TRY 197,989 thousand. Investments valued using the equity method showed a return to profitability. Despite an TRY 8 million loss from DowAksa Holdings BV, in which the company holds a 50% stake, in the prior year, the first quarter of 2020 resulted in net profit of TRY 357 thousand. As a result of these figures, Aksa Akrilik's net profit for the first quarter of 2020 came to TRY 65,126 thousand.