One of Turkey’s 100% domestic polyurethane system manufacturers, Kimteks Poliuretan Sanayi ve Ticaret A.Ş. (KİMPUR) announced its financials for the first quarter of 2022. Increasing its profit for the period by 400% in the first quarter, Kimpur achieved a consolidated income of 981 million TL.
Chemical industry company Kimpur, which is ranked 314th (for 2019: 350) according to ISO 500 data published for 2020, announced the first quarter results of 2022. According to the financial statements of Kimpur disclosed on the Public Disclosure Platform (KAP), in the first three months of 2022, Kimpur’s consolidated revenues increased by 126% to TL 981 million.
Consolidated revenues in the same period of 2021 were 434 Million TL. The gross profit of Kimpur in the first 3 months of 2022 increased by 139% compared to the same period of the previous year and reached 160 million TL; Earnings Before Interest, Depreciation and Taxes (FAVOK) increased by 18.5% to TL 181 million.
It is stated that the period profit of Kimpur, which has 39 years of experience, increased by 400% compared to the first quarter of 2021, in total operating income and other income, from 35 million TL to 175 million TL. In the January-March 2022 period, Kimpur sold approximately 25 thousand tons of polyurethane systems to domestic and export markets, and the share of export and export registered sales was approximately 27%.
Kimpur CEO Cavidan Karaca: “We started the new year with a high performance”
Cavidan Karaca, CEO of Kimpur, stated the following about Kimpur’s performance in the first quarter of 2022: “As a chemical industry company that produces polyurethane systems for different sectors such as automotive, footwear, furniture, heating-cooling, building and construction, we started the new year with a high performance. Behind this performance are our disciplined management, high technology and R&D investments.
As a reliable business partner, we support our customers operating in almost all sectors to be more successful by increasing their competitiveness based on operational excellence and the ‘Smart Business Model’ in our production facility with an annual capacity of 129 thousand tons and advanced technology. One of the most important competitive advantages is that, Kimpur R&D has been registered as an R&D center by the Ministry of Industry. In this way, the company has continued to increase its growth momentum and make large-scale breakthroughs, especially in the last 5 years.
In the first quarter of 2022, we expect that our company, which performed above its budget in sales revenues and net profitability with sales of approximately 25 thousand tons, will further increase its exports in 2022 and continue this performance.Together with the public offering, we are delighted to be able to deliver a performance above the target to our investors, with our dividend policy of ‘distributing 50% of the distributable profit.
Talking about Kimpur’s new investments, Karaca said: “We have completed our project to establish a new production facility in Düzce and started with the investment. The total investment cost of Düzce, whose total investment cost will exceed 15 million dollars, will be completed by Pekintaş A.Ş. for the building construction and solar power plant. We signed an agreement of approximately 9 million dollars including VAT.
With the investment in Düzce Gümüşova OSB, which will have a total annual capacity of 65 thousand tons; we aim to reach a capacity of 50 thousand tons of polyurethane systems, which is the current product group, a recycling facility produced by synthesizing from PET residues within the scope of 5 thousand tons of green product range, and an additional ‘eva granule raw material’ capacity of 10 thousand tons in the 2022-2024 period. In Latvia, we took an important step towards our goal of strengthening our presence in Europe with our investment of 25 thousand tons.
Within the scope of the protocol, we cooperated with ‘Adamantan SA’ and established a partnership with a new company named SIA Kimpur Europe established in Latvia. SIA Kimpur Europe, which was formed with a 75% Kimpur partnership and whose registration procedures were completed, continues its activities as a Kimpur subsidiary.”
With its technologies, innovations and strategies that provide competitive advantage, Kimpur has increased its production capacity by 98% in the last 3 years, from 65 thousand tons to 129 thousand tons. In the same period, sales volume (tons) grew by 100% and exports reached 27% in 2021.