Kimpur Posts TRY 356 Million Net Profit

Kimteks Poliüretan Sanayi ve Ticaret A.Ş. (KİMPUR), a fully domestically-owned Turkish polyurethane system manufacturer, has disclosed its financial results for the second quarter of 2022. According to the financial statements disclosed on the Public Disclosure Platform (KAP), KİMPUR's consolidated revenues for the first six months of 2022 increased by 126 percent to TRY 2.2 billion (first six months of 2021: TRY 970 million). KİMPUR's gross profit for the first six months of 2022 rose by 125 percent to TRY 378 million compared to the same period of the previous year, while Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 142 percent to TRY 416 million.

Net profit rises 302 percent

KİMPUR, with 39 years of experience, saw its Operating Profit increase by 147 percent from TRY 165 million to TRY 408 million compared to the first half of 2021. In the January–June 2022 period, KİMPUR sold approximately 51,000 tons of polyurethane systems to domestic and export markets. Export and export-registered sales accounted for 34 percent of total sales in the second quarter, while this ratio reached approximately 31 percent for the full first six months of the year.  

Company CEO Cavidan Karaca commented on the first six-month performance:

"As one of Turkey's fully domestically-owned polyurethane system manufacturers, we are continuing the new year with the same consistency, having launched with high performance alongside our initial public offering. Behind this performance lie disciplined management and high investments in technology and R&D. As a reliable business partner, in our advanced technology production facility, we support our customers operating in virtually all sectors to achieve greater success by strengthening our competitive advantage based on operational excellence and an 'intelligent business model'. In the second quarter of 2022, with approximately 26,000 tons in sales, our company demonstrated performance exceeding budget targets in sales revenue and net profitability. We expect that in 2022 as a whole, the company will further increase its exports and continue its strong performance. We are significantly increasing our capacity through investments on the path to becoming a global player. In this context, our Düzce investment is proceeding at full speed; we plan to implement this investment at the beginning of 2023. In line with our strategy to be a company with high dividend yield, we continue to create value for our investors through our policy of distributing 50 percent of the period profit to shareholders, as calculated within the framework of capital markets regulations." Over the past three years, KİMPUR has increased its production capacity by 98 percent from 65,000 tons to 129,000 tons through competitive-advantage technologies, innovations and strategies. During the same period, sales volume (in tons) grew by 100 percent and the share of exports in total sales reached 27 percent in 2021.