Petkim Posts TRY 5.8 Billion Net Profit in Nine Months

Petkim Posts Net Profit of TRY 5.8 Billion in Nine Months Petkim closed the nine-month period with net profit of TRY 5.8 billion, a 48% increase over the same period last year. Despite declining profit margins and rising raw material prices, the company maintained a strong cash position and improved profitability through effective planning with a holistic perspective. SOCAR Turkey's group company Petkim closed the nine-month period with net profit of TRY 5.8 billion, representing a 48% increase compared to the same period last year. According to the announcement, profitability was preserved by conducting the company's planned maintenance shutdown, which occurs once every four years, during a period of declining profit margins. Net sales, which amounted to TRY 19.2 billion in the nine-month period of the previous year, increased by 109% to TRY 40.0 billion in the same period this year. From the first quarter of the year, the company converted declining profit margins worldwide and rising petrochemical raw material prices to its advantage through STAR Refinery integration and effective planning and optimization efforts. In the third quarter, the company strengthened its cash position in preparation for the Eurobond redemption scheduled for 2023, supported by the Foreign Currency-Protected Deposit instrument.

Company continues investments during this period

During the nine-month period, TRY 1.7 billion was invested to ensure sustainability of production capacity. The Agile Transformation Model, which had previously been applied only to field production and maintenance operations, was implemented across all functions of SOCAR Turkey Refinery and Petrochemistry Business Unit in the third quarter, including administrative units. The effects of agile transformation were seen as increases in reliability, integrity, occupational health and safety, productivity and employee motivation. With the transition to the Agile Business Model in the Refinery and Petrochemistry Business Unit, teams unified around common goals that would optimize value added to the company rather than gathering around functional targets. As a result, capacity growth of 2-3% above targets was achieved at SOCAR Turkey, and decreases were observed in process parameter variability. Following the transition to the Agile Business Model, employee team motivation increased by 5% in a short period.