BGC Partners: PETKM 2Q19 Earnings Review: In line…
Petkim reported a net profit of TL319mn (-14% YoY) in 2Q19, in line with market consensus of TL317mn, but better than our expectation of TL293mn. The company posted an EBITDA of TL536mn (+22% YoY), broadly in line with than market consensus of TL519mn and BGC estimate of TL500mn. Main deviation from our expectations were slightly higher petrochemical margins and lower effective tax rate.Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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