Petkim Announces Second Quarter Results

SOCAR Türkiye's group company Petkim closed the second quarter of the year with net profit of TRY 221 million and net sales of TRY 10.6 billion. Petkim, a group company of SOCAR Türkiye, Turkey's largest direct foreign investor, closed the second quarter of the year with net profit of TRY 221 million and net sales of TRY 10.6 billion. According to a statement from the company, despite falling product prices and shrinking profit margins caused by declining global demand and oversupply observed in the petrochemical sector, Petkim continued to maintain its strong balance sheet and cash position.

The company increased net profit by 69% compared to the first quarter and raised net sales by 15%.

In these results, the company management's effective planning, measures taken in raw material procurement and successful operational decisions were cited as contributing factors. Thus, Petkim continued to benefit from more favorable raw material procurement conditions and STAR Refinery integration advantages in the second quarter, despite persisting demand contraction in European markets. Source