Petkim Achieves TRY 9.3 Billion Turnover in 2018

Petkim, a subsidiary of SOCAR Türkiye, announced its financial results for 2018. Despite global market fluctuations and contraction in the petrochemistry sector, Petkim approached TRY 10 billion in revenue in 2018 and closed the year with net profit of TRY 872 million. Petkim's earnings before interest, tax, depreciation and amortization (EBITDA) reached TRY 1 billion 523 million. Despite a 53-day production halt in 2018 as part of planned maintenance conducted every four years, Petkim operated near full capacity throughout the year and achieved total sales of 1.8 million tonnes, comprising 939 thousand tonnes for the domestic market and 880 thousand tonnes for export.

General Director of Petkim Anar Mammadov,

Stating that they create value for Turkish industry and the economy, said: "2018 was a successful year for Petkim. In a year when global economic fluctuations were experienced worldwide, we focused on productivity and achieved positive results through long-term thinking. As Petkim, we closely monitored global and local developments. We anticipated market and customer demands and responded quickly. Even in conditions where importers faced difficulties, we continued to create value for the economy by providing raw material support to domestic manufacturers. Although we planned a 63-day maintenance shutdown, we completed it in 53 days. Up to our planned maintenance shutdown, we maintained strong production volumes near full capacity and preserved our solid balance sheet with the sales performance we demonstrated throughout the year. We entered 2019 with our renewed facilities. We will begin to see the benefits of our investments in digitalization this year." he said.