Petkim ends Q12022 with profit

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Petkim, a subsidiary of SOCAR in Turkiye, the country’s largest foreign investor, ended the first quarter of 2022 with a total profit of 1.7 billion Turkish liras and a net profit of 1.8 billion Turkish liras, Report informs, citing the State Oil Company of Azerbaijan (SOCAR).

Despite global geopolitical risks, Petkim successfully completed the first quarter of this year thanks to efficient management, high productivity, and uninterrupted raw material support from the STAR refinery.

In the first quarter of 2022, Petkim, which strengthened its cash reserves under the influence of a system of deposits backed by foreign currency, continued production despite rising costs.

Petkim commercial sales, with revenues reaching 11.4 billion Turkish liras in the first quarter of this year, accounted for 33% of total sales. With a corporate income tax of 258 million Turkish liras, Petkim continues to create economic value for the Turkish economy during this challenging period.