Petkim reports rising profit

/By Azernews/

By Fatma Babayeva

Turkish petrochemical giant Petkim increased its revenues by 2.5 times.

The revenues of the petrochemical complex amounted to 124.2 million Turkish liras ($43.8 million) during the first quarter of 2016, according to the preliminary data.

Its revenues stood at 49.6 million liras ($17.5 million) during the first quarter of 2015, stated the report released by Turkey's Ak Yatirim company.

The final financial results of Petkim for the first quarter of the current year will be announced in May.

It is worth to mention that the assets of the petrochemical complex rose by 44.2 percent to 5.46 billion liras ($1.9 billion) in January 1, 2016.

Petkim's net profit amounted to 639.2 million liras ($225.7 million) in 2015 which is an increase of 14 percent compared to 2014 year.

The authorized capital of Petkim increased to 1.5 billion liras ($530 billion).

Petkim is a sole manufacturer of plastic packages, fabrics, detergents, and other petrochemical products in Turkey. The complex exports quarter of its products to foreign markets. The share of the Azerbaijani state company SOCAR in Petkim is 48.64 percent.

In addition, Petkim currently builds Petlim container port which is believed to become the third largest port in Turkey and the largest one in the Aegean Sea.

Moreover, Star refinery which is under construction is also intended to create a resource base for Petkim Holding.