Polisan Holding Announces 2022 Financial Results

Polisan Holding disclosed its 2022 financial results. In 2022, when demand contracted globally and costs increased, the Holding's consolidated revenue rose 113% year-on-year to TRY 4.2 billion, while combined revenues increased 102% to TRY 7.2 billion. The Holding's consolidated net profit rose 482.9% to TRY 1.6 billion; combined net profit increased 604.9% to TRY 2.2 billion. Mehmet Hacıkamiloğlu, CEO of the Holding, commented on the financial results as follows: "In 2022, under the shadow of high inflation and recession threatening the global economy, we continued to manage our operations within a strict financial discipline framework. The planning we created for our Group Companies' working capital requirements and indebtedness enabled us to progress in a more controlled manner. Despite the challenges and uncertainties experienced globally, we remained committed to our investment schedule; we executed combined investment spending of TRY 378 million. Over the past five years, our combined investment amount realized with a focus on growth has reached TRY 763 million." [caption id="attachment_149958" align="aligncenter"] Mehmet Hacıkamiloğlu[/caption]

A Third Research and Development Center

Mehmet Hacıkamiloğlu, who also provided brief information on the 2022 activities of its affiliates Polisan Kimya, Polisan Yapıkim, Poliport, Polisan Hellas and Polisan Kansai Boya, also touched on 2023 planning. Mehmet Hacıkamiloğlu stated that Polisan Kimya would transition to high-value product manufacturing for export in its new resin plant and indicated they would begin investment in novolac resin. Mehmet Hacıkamiloğlu, saying they would increase the number of Research and Development centers they own to three, continued as follows: "Polisan Kimya and Polisan Kansai Boya have their own Research and Development centers. Thanks to these two centers, our competitiveness in the domestic market and international market is growing every day. We want to open a Research and Development Center within our Polisan Yapıkim company. Twenty-seven of our products in the concrete, cement and underground chemicals categories are certified with international Environmental Product Declarations, or EPD certificates. We are one of the important material manufacturers in green building projects and we want to open the Research and Development Center quickly to expand our strength in this area. Through this, we will be able to deepen and accelerate our work on new environmentally friendly products tailored to customer needs that contribute to reducing operational natural resource consumption of our stakeholders in the value chain."

Two New Investments in Greece Plant

In his statement, Mehmet Hacıkamiloğlu noted that preform mold investment work at Polisan Hellas plants has been completed, and summarized the next investment for their plants in Greece as "We will begin investment in recycled PET." Polisan Hellas, the only granule PET producer in the Balkans, is expected to diversify its customer portfolio with these new investments. Mehmet Hacıkamiloğlu also provided information about new tanks at Poliport, the port investments in the Kocaeli Gulf Region that are ongoing and aimed at increasing storage capacity on the liquid cargo side. Mehmet Hacıkamiloğlu stated that with the new tanks, storage capacity will increase to 291,600 cubic meters in March 2023, and indicated that their target filling capacity in the medium to long term is 436,000 cubic meters.