Kimpur Announces 2022 Financial Results

Kimpur Announces 2022 Financial Results Kimpur, one of Turkey's 100% domestic polyurethane system manufacturers, announced its financial results for 2022. Increasing its net profit by 89% in 2022, Kimpur achieved TRY 4.890 billion in consolidated revenue. Kimpur, which ranks among Turkey's Top 500 Industrial Enterprises and is one of the leading companies in the polyurethane sector with 40 years of experience, announced its 2022 financial results. According to financial statements disclosed on the Public Disclosure Platform (KAP), the chemical industry company Kimpur's 2022 consolidated revenues reached TRY 4.890 billion with a 125% increase. The company's export and export-registered sales increased 189% to TRY 1.594 billion, while domestic sales rose 103% to TRY 3.296 billion. Kimpur's 2022 gross profit increased 103% compared to the previous year to TRY 769 million, while Interest, Depreciation and Tax Before Profit (EBITDA) rose 38% to TRY 759 million. Along with significant increases in profitability and consolidated revenues, Kimpur continued its success in balance sheet management, reducing its Net Financial Debt / EBITDA ratio from 0.88 at the end of 2021 to 0.77 at the end of 2022. The company's balance sheet total assets increased 107% compared to the previous year to TRY 4.579 billion.

2022 net profit increased 89%

Operating profit of Kimpur, one of Turkey's 100% domestically-owned polyurethane system manufacturers with the country's largest production capacity and sales volume, increased 74% compared to the previous year, rising from TRY 541 million to TRY 941 million. Cavidan Karaca, CEO of Kimpur, which sold approximately 105,000 tons of polyurethane systems to domestic and export markets in 2022, stated: "After completing our initial public offering in April 2022, we continued our strong growth through investments and partnerships. Compared to the previous year, we increased our exports by 189% in terms of value and exported to more than 50 countries. Operating at Gebze Organized Industrial Zone, we became the company with the highest export increase and highest sales in the region, while ranking among the top 100 exporting companies. In 2022, our company achieved strong performance in sales revenues and net profitability with approximately 105,000 tons in sales, and we anticipate that in 2023 we will further increase our exports and continue our strong performance. Through our new investments and R&D activities, we are moving forward with steady steps toward our goal of becoming a global player. In addition to strengthening our position in the European market with our new 25,000-ton capacity production facility in Latvia, we plan to put our new 65,000-ton capacity production facility in Düzce into operation this year. With our investments in Latvia and Düzce, where we have significantly expanded our production capacity, we are enhancing our export and competitive strength in all respects. Furthermore, we continue our various project works to develop many different products in line with defense industry needs.'' Kimpur, the polyurethane system house with the largest capacity in the region, has increased its production capacity in Turkey by 100% over the past 5 years through competitive advantage technologies, innovations and strategies, raising it from 65,000 to 130,000 tons. Kimpur aims to become one of the world's top 10 players by bringing its total capacity above 200,000 tons through additional capacities from its Latvia and Düzce factories on top of its current 130,000-ton production capacity in Turkey.