Press Release for Q4 2018 Financial Results

Tüpraş Total Investments and Financial Results - 2018

Tüpraş’ total investments since the privatization have exceeded 6.5 billion US$ following the 199 million US$ invested in 2018.

Tüpraş - Turkey’s leading industrial institution - has announced the financial results for the final quarter of 2018. Tüpraş increased its diesel and jet fuel domestic sales by 5.9% on average compared to the previous year. Tüpraş continued meeting Turkey’s fuel demand owing to its production operations supported by a strong balance sheet and effective financial risk management policies.

On account of production at full capacity in Q4 2018, Tüpraş’ total sales reached 7.6 million tons, of which 6.1 million tons were domestic. The company increased its domestic diesel and jet fuel sales by 5.9% with respect to last year.

Influenced by the 10% average increase in crude oil price and 45% average increase in foreign exchange rates in Q4 2018 compared to the same period last year, the total sales of Tüpraş in the last quarter of the year reached 24.8 billion TL, whereas the total annual figure was realized as 88.5 billion TL.

Tüpraş’ total investments since the privatization have exceeded 6.5 billion US$ – of which 6 billion US$ in refining – following the 199 million US$ invested in 2018.

Emphasizing that Tüpraş has been supporting its production activities with a strong balance sheet and effective financial risk management policies, Tüpraş General Manager İbrahim Yelmenoğlu stated that: “According to EMRA figures, our country’s diesel and jet fuel consumption in the first 11 months of 2018 has increased by 4.2% and 9.0%, respectively. In this high demand growth period, we have successfully fulfilled our responsibility for meeting Turkey’s fuel demand. Crude oil price started October at $84.7/bbl level following supply concerns, it then declined by 41% during Q4 2018 due to high crude production and increasing concerns on the global economy, and reached $50.2/bbl by the end of the year. The average crude price for 2018 was realized at $71.0/bbl. In our company, which had been successfully implementing risk policies under these uncertainties, the continuity of a strong balance sheet and effective risk management policies to support our company's operations will be of primal focus in the coming period as well. Tüpraş will continue to create value for its shareholders, business partners, and our country by achieving its operational and financial objectives with its increasing global competitive power.”

Operational and Financial Results