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Thanks to the STAR Refinery integration and successful operational activities, Petkim maintained its strong balance sheet in 2023. Despite the contraction in profit margins in the petrochemical sector, Petkim closed 2023 with a net profit of TL 7.4 billion thanks to the synergy of the Refinery-Petrochemicals integration.
Petkim, one of the group companies of SOCAR Türkiye, Türkiye's largest integrated industrial group, announced its financial results for 2023. According to inflation-accounted data, Petkim realized sales of TL 60.4 billion in 2023. Again according to inflation-adjusted data, Petkim's net profit in 2023 was TL 7.4 billion.
Management's efficiency-enhancing initiatives, operational and financial decisions, and integration with STAR Refinery played an important role in Petkim's financial results in 2023, a year of narrowing profit margins and geopolitical volatility in the petrochemical industry. Introduced in 2023, inflation accounting enabled Petkim's balance sheet items to be recognized at their fair value.
According to the Aegean Exporters' Associations' (EİB) 2023 Stars of Exports lists, Petkim became the export champion of the Aegean Region in both the general ranking and the chemistry category in 2023, as it has been for many years, with direct and indirect exports totaling 557 million dollars.
Sustainable production target at Petkim
Within the scope of sustainability and the fight against climate change, SOCAR Türkiye and its group companies continue their efforts to benefit people, society and the environment on the axis of sustainability. In 2023, Petkim became the first company in the petrochemical sector to be included in the BIST Sustainability 25 Index. Petkim's overall sustainability rating increased from 45.87 in the 2022 assessment to 70.03 in 2023. Petkim was awarded the ISCC (International Sustainability and Carbon Certification) Plus certificate, which recognizes the implementation of sustainable production requirements, and will also be able to produce bio, circular and bio-circular products.
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