TODAY.AZ / Business

Deutsche Bank raises target price of Petkim’s shares

23 August 2016 [15:00] - TODAY.AZ

By Azernews

By Nigar Abbasova

Deutsche Bank, German global banking and financial services company has increased target price of the Turkish petrochemical complex, where Azerbaijan's state energy giant SOCAR holds control packet of shares, Borsa Haber reported.  

The price of one asset of Petkim was increased from 4.2 Turlish lira to 4.6 Turlish lira ($ 1.43 –$1.56). Earlier, JP Morgan also increased target price of the shares of Petkim from 4 Turlish lira to 4,50 Turkish lira ($ 1.36 – $1.53 ).

Meanwhile market value of the holding is currently estimated at $2.2 billion.

Assets of the company in June 2016 stood at $1.69 billion compared to $1.85 in 2015.  Gross profit of the company amounted to $161.436 million compared to $98.404 million in the first half of 2015, while an income from the principal activity totaled $141.99 million.

Petkim is engaged in production of plastic packages, fabrics, detergents, and is considered to be the sole Turkish manufacturer of such products, a quarter of which is exported. The holding produces approximately 60 various types of products and delivers its products to over 50 countries.

The complex includes 14 plants which produce 20 various types of products. The annual production capacity of Petkim is 3.6 million tons.

The shareholders of the company are SOCAR Turkey Petrokimya A.S. - 51 percent, SOCAR Turkey Enerji A.S. - 5.3216 percent, while 43.6784 percent of shares are in free float on the stock exchange.

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization.

URL: http://www.today.az/news/business/153598.html

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