Kimpur Reports TRY 175 Million Net Profit in First Quarter

Kimpur Reports TRY 175 Million Net Profit in First Quarter Kimteks Poliüretan Sanayi ve Ticaret A.Ş. (KİMPUR), Turkey's 100 percent domestically-owned polyurethane systems manufacturer, has disclosed its financial results for the first quarter of 2022. In the first quarter, Kimpur increased its period profit by 400%, achieving consolidated revenue of TRY 981 million. According to ISO 500 data published for 2020, Kimpur, a chemical industry company ranked 314th (350th in 2019), has disclosed its first quarter 2022 results. According to financial statements disclosed by Kimpur on the Public Disclosure Platform (KAP); Kimpur's consolidated revenues in the first three months of 2022 increased by 126%, reaching TRY 981 million. In the same period of 2021, consolidated revenues were TRY 434 million. Kimpur's gross profit in the first three months of 2022 rose by 139% compared to the same period of the previous year to TRY 160 million; while EBITDA increased by 18.5% to TRY 181 million. Kimpur, which has 39 years of experience, increased its period profit from the sum of operating revenues and other income by 400% compared to the first quarter of 2021, rising from TRY 35 million to TRY 175 million. In the January–March 2022 period, Kimpur sold approximately 25,000 tonnes of polyurethane systems to domestic and export markets, with exports and export-registered sales accounting for approximately 27% of total sales.

Kimpur Chief Executive Officer Cavidan Karaca: "We started the new year with strong performance"

Kimpur Chief Executive Officer Cavidan Karaca made the following statement regarding Kimpur's performance in the first quarter of 2022: "As a chemical industry company manufacturing polyurethane systems for various sectors such as automotive, footwear, furniture, heating and cooling, construction and building, we began the new year with strong performance alongside our public offering. Behind this performance lie disciplined management, high technology and our research and development investments. As a reliable business partner, in our production facility with annual capacity of 129,000 tonnes and advanced technology, we support our customers operating in virtually every sector to achieve greater success by strengthening our competitive advantage based on operational excellence and 'Smart Business Model.' Kimpur Research and Development, one of our most important competitive advantages, has been certified as a research and development center by the Ministry of Industry. Through this, the company has continued to accelerate growth momentum and execute major initiatives, particularly over the past five years. In the first quarter of 2022, our company demonstrated performance exceeding budget in sales revenue and net profitability with approximately 25,000 tonnes in sales, and we anticipate that Kimpur will further increase its exports throughout 2022 and continue this performance. Along with the public offering, we are very pleased to offer our investors performance exceeding targets through our dividend policy of distributing 50% of distributable profit. Commenting on Kimpur's new investments, Karaca stated: "We have completed our project planning and begun investment in establishing a new production facility in Düzce. For the Düzce investment, which will exceed a total investment cost of USD 15 million, we concluded an agreement worth approximately USD 9 million including VAT with Pekintaş A.Ş. group for building construction and renewable energy plant. For the investment in Düzce Gümüşova Organized Industrial Zone with total annual capacity of 65,000 tonnes; we aim to reach by the 2022-2024 period: 50,000 tonnes of our existing product group of polyurethane systems, a recycling facility synthesized from PET waste within our green product range of 5,000 tonnes, and additional 'EVA granule raw material' capacity of 10,000 tonnes. In Latvia, we took an important step in line with our objective to strengthen our presence in Europe with our 25,000-tonne capacity investment. Within the framework of the protocol, we entered into cooperation with 'Adamantan SA' company and established a partnership with the newly created company SIA Kimpur Europe in Latvia. SIA Kimpur Europe, which was formed with 75% Kimpur partnership and has completed registration procedures, continues its operations as a Kimpur affiliate." he said. Through competitive advantage technologies, innovations and strategies, Kimpur has increased its production capacity by 98% over the past three years, rising from 65,000 tonnes to 129,000 tonnes. During the same period, sales volume (tonnes) grew by 100% and exports reached 27% in 2021.