Tüpraş Invests TRY 888 Million in Nine Months

Tüpraş Posts TRY 888 Million Investment in Nine Months, 20 Million Tons in Sales Turkey's leading industrial company Tüpraş announced its financial results for the third quarter of 2021. Accelerating its sustainability investments, Tüpraş realized total investment spending of TRY 888 million in the first nine months of 2021, with 55% directed toward this area, while reaching 96% capacity utilization in the third quarter of the year. Tüpraş disclosed its financial results for the third quarter of 2021. Accordingly, Tüpraş achieved 6.9 million tons in production and 8 million tons in sales with 96% capacity utilization in the third quarter. Tüpraş's third quarter revenue reached TRY 41 billion, while nine-month total revenue came to TRY 95 billion.

55% of investments directed toward sustainability

Continuing its modernization and energy efficiency investments, Tüpraş realized total investment spending of TRY 888 million in the first nine months of 2021, with 55% aimed at sustainability targets. During the third quarter, Brent crude oil prices, which rose with the firm stance of OPEC+ countries on supply control and continued increase in demand for petroleum products, climbed from the USD 76.2/barrel level as of end-June to USD 78.8/barrel as of end-September. With summer season effects and increasing mobility globally driving up demand for petroleum products, constrained supply particularly due to Hurricane Ida in America continued the decline in global gasoline stocks, pushing gasoline product margins to five-year highs. With rising industrial activity and summer season boosting demand for diesel and jet fuel, a strong recovery in middle distillate product margins was observed in the third quarter.

TRY 1.2 billion profit in third quarter

Tüpraş, supported by rising product margins, strong domestic and international sales performance resulting in increased operating profit, as well as inventory gains from continued increases in Brent crude oil prices, recorded TRY 1.2 billion in pre-tax profit in the third quarter. The company's pre-tax profit for the first nine months of 2021 reached TRY 1.5 billion. A strong balance sheet was maintained through disciplined and effective financing policies and continued improvement in operating profitability, while financial ratios approached pre-pandemic period performance. Tüpraş will continue to fulfill its responsibility of meeting the country's fuel needs with a safe operational approach without any interruptions, and will continue to create added value for shareholders, business partners and the country with its skilled workforce and global competitive strength.