Turkey’s leading industiral company, Tüpraş, announced the financial results for the third quarter of 2021. Tüpraş accelerates its sustainability investments in the first 9 months of 2021; the company made a total investment of 888 million TL, 55% of which was in this field. Tüpraş reached a capacity utilization rate of 96% in the third quarter of the year.
Tüpraş announced the financial results for the third quarter of 2021. Tüpraş had a capacity utilization of 96% while total production and sales realized as 6.9 and 8 million tons, respectively. Tüpraş’s revenue came in at TL 41 billion in the third quarter and total revenue reached to 95 billion TL in the first nine months of the year.
Tüpraş continues its investments in modernization and energy efficiency and has made a total investment of TL 888 million in the first nine months of 2021, 55% of which is sustainability investments.
In the third quarter of the year, the price of Brent crude oil, which rose with the determined stance of OPEC+ countries on supply control and the continued increase in the demand for petroleum products, rose to $78.8/bbl as of September end, from the level of 76.2 $/bbl at the end of June.
Global gasoline inventories continued to decline with the limited supply especially driven by Hurricane Ida as demand for petroleum products increased with the effect of both summer season and increased mobility. Gasoline crack margins rose to the highest level of the last five years.
Demand for diesel and jet fuel increased with the accelaration industrial activities and also thanks to summer season, while a strong recovery was observed in the middle distillate crack margins in the third quarter.
Tüpraş recorded a pre-tax profit of TL 1.2 billion in the third quarter, backed by the increase in crack margins and operating profit with strong domestic and international sales, as well as the inventory gain resulting from the continued rise in Brent crude oil prices. Pre-tax income in the first nine months came in at TL 1.5 billion.
While maintaining strong balance sheet with well-disciplined and effective financial policies Tüpraş’s performance continues to approach pre-pandemic levels in terms of ratios with improved operating profitability.
Tüpraş successfully continued its mission of meeting the fuel needs of our country without any disruption, with its safe operation approach, will continue to create value for its shareholders, business partners and our country with its strong human capital and global competitiveness.
|Operational and Financial Results|
|Q3 2021||Q3 2020||Diff. (%)||9M 2021||9M 2020||Diff. (%)|
|(Million Tons)||Total Sales||8.0||6.7||19||19.9||18.2||9|
|Financial (Million TL)||Sales Revenues||40,993||17,035||141||94,502||43,254||118|
|Profit Before Tax||1,155||-556||1,492||-3,683|
|*Excluding minority interest|