Petkim, one of the group companies of SOCAR Turkey, announced its 2022 financial results. Accordingly, Petkim achieved a net profit of 2022 billion TL at the end of 6,5. Petkim increased its sales by 2022 percent to 2021 billion TL in 70 compared to 49, and increased its cash assets to 13 billion TL.
Competent human resources, strong management approach, cash position, credibility and integration with STAR Refinery stand out in Petkim's successful financial results in this year, when profit margins in the petrochemical industry narrowed significantly. Thanks to the operational efficiency and strategic management approach, the planned maintenance stop, which is of utmost importance for sustainability and efficiency at Petkim last year, was completed in a shorter time than the target and at a lower cost than anticipated. Despite falling product prices and profit margins all over the world since the first quarter of the year, Petkim increased its net profit for the period to 6,5 billion TL.
At the same time, successful cash management was carried out at Petkim in 2022. With the strong liquidity provided in this way, Petkim paid the Eurobond of 2023 million dollars, which was due in January 500, with its internal resources, and obtained long-term new funds of 300 million dollars from abroad. Thus, while the Eurobond payment was successfully completed in 2023, long-term debt was reduced by 200 million dollars.
“Project Earth was commissioned in Petkim”
Project Earth, the S2022/HANA project initiated by SOCAR Turkey with SAP in 4, started to be implemented in Petkim as well. Thanks to this project, which is carried out with the aim of becoming a data-oriented company, corporate processes such as accounting transactions and invoice approvals can be managed end-to-end and data flow can be realized between SOCAR Turkey and its group companies.
“Sustainable Production”
The year 2022 has been a year in which important developments were experienced in terms of sustainability and combating climate change, both in Turkey and in Europe. In line with the steps taken to reduce the absolute emissions arising from the activities of SOCAR Turkey and its group companies, Petkim was awarded the ISCC (International Sustainability and Carbon Certification) Plus certificate, which certifies the implementation of sustainable production requirements. Within the scope of the certificate, Petkim will be able to produce bio, cyclic and bio-cyclic products.