MOSCOW (MRC) -- Turkish petrochemical company Petkim Petrokimya Holdings A.S. said that its non-consolidated net profit fell 33% on the year to 446.4 million lira (USD52.4 million/44.1 million euro) in the first nine months of 2020, said Chemweek.
Total revenue decreased by 9.4% year-on-year in the January-September period, to 8 billion lira, the company said in an interim financial statement on Thursday.
The cost of sales fell by an annual 8.8% to 6.9 billion lira. However, finance costs jumped to 2.8 billion lira in the nine months under review, from 1.8 billion lira in the like period of 2019.
Petkim, founded in 1965, manufactures more than 50 petrochemical products that are used in the construction, electricity, electronic, packaging, textile, medical, dying, detergent and cosmetic sectors.
As MRC informed earlier, Petkim, Turkey's sole polymer producer, has applied to the Ministry of Trade to open an antidumping investigation into imports from Saudi Arabia. The application centres on low density polyethylene (LDPE). Petkim alleges that Saudi Arabian prices adversely affected the value of LDPE in the first six months of 2020. Although Petkim concedes that it did not lose any sales volume during the period, it claims that its prices were damaged by an increase in Saudi-origin material.
According to MRC's ScanPlast report, September estimated LDPE consumption in Russia fell to 23,930 tonnes from 47,610 tonnes a month earlier. Russian producers reduced their domestic LDPE shipments due to shutdowns for maintenance at production capacities in Ufa, Tomsk and Kazan. Russia's estimated LDPE consumption totalled about 406,500 tonnes in January-September 2020, which virtually corresponded to the last year's figure.
Petkim Petrokimya Holding A.S. is a Turkish chemical company. The controlling stake in the company (51.39%) is owned by the State Oil Company of the Azerbaijan Republic (SOCAR). The rest of the shares are held by TURCAS. The company produces polymers (PE, PP, PVC, PA), detergents, packaging, etc.
MRC