16:17 - 28.06.2024

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June 28, Fineko/abc.az. SOCAR Polymer LLC, considered one of the largest projects in the petrochemical industry of Azerbaijan over the past 40 years, turned a profit in 2023.

ABC.AZ reports that last year revenue amounted to 512 million manats, while 341 million manats accounted for the cost of sales. Revenue increased by 46% year-on-year, and cost of sales by 31%.

This led to the fact that after the difference in income and expenses, the company received net profit of 71 million manats. However, it closed previous year 2022 with loss of 65 million manats.

SOCAR Polymer is the first company in the petrochemical industry of Azerbaijan, established on the basis of a public-private partnership. SOCAR Polymer was founded in 2013. The plant was launched in 2019. Company's complex consists of two plants with annual production capacity of 180,000 tons of polypropylene and 120,000 tons of high-density polyethylene.

The total investment value of SOCAR Polymer project is about $816 million. 60% of this amount is an external loan, 40% is shareholders' investments in the authorized capital.

Last year the plant exported products abroad in the amount of $296.7, which is 52% more than in 2022.