In the first six months of the year, Petkim records a net profit of 4.3 billion Turkish liras

Petkim completed the first half of the year with a net profit of 4.3 billion liras, registering a 93 percent increase over the same period of the year before. This positive result was obtained through Petkim’s agile management model combined with effective marketing strategies and financial modalities as well as under the impact of exchange rates, despite decreases in product profitability levels as well as forced interruptions in production.\n

Petkim, a company in the SOCAR Türkiye Group, Türkiye’s largest direct international investor, closed off the first half of 2022 with a net profit of 4.3 billion liras. Despite planned interruptions in production over the first half of the year, Petkim’s net profit succeeded in increasing by 93 percent over the same period of the year before.

Additionally, through the effective utilization of the Currency-protected Deposits system, Petkim was able to minimize its risks in the face of increasing exchange rates. In its announcement, the company noted that it was able to avoid the adverse impact of drops in product profitability in global markets through the use of effective marketing strategies and a wide range of products, all of which contributed to successful results in sales from production and from the sale of commercial products. With the STAR Refinery continuing its uninterrupted integrated production, Petkim succeeded in meeting the demands of the domestic market.\n

Also contributing to Petkim’s success in the first 6 months of the year were the financial gains obtained from the “Value is Mine Transformation Program” that continues to be efficiently pursued since 2017. An additional value of approximately 430 million liras was created in the first half of the year based on this program.