Tüpraş made 240 Million TL investment in the first quarter
Turkey’s leading industrial company, Tüpraş, announced the financial results for the first quarter of 2022. Within the scope of the Strategic Transformation Plan, which was implemented by Tüpraş back in November, necessary studies were initiated to take over the shares of electricity producer Entek Elektrik from Aygaz and Koç Holding.
Tüpraş announced the financial results for the first quarter of 2022. Tüpraş had a capacity utilization of 85%, with total production and sales realized as 6 and 6.5 million tons, respectively. Tüpraş recorded TL 76.5 Billion in total revenue in the first quarter.
Tüpraş continues its investments in modernization and energy efficiency and has made a total investment of TL 240 Million in the first quarter, 45% of which is sustainability investments.
In the first quarter of the year, Brent prices surged rapidly due to the uncertainty created by the Russia-Ukraine war, expectations of oil supply shortages, and imposed sanctions against Russia. The Brent price ended March at $110/bbl.
In the first quarter, mid-distillate cracks reached record levels due to high Brent price levels, a surge in energy costs, and disruptions in Russian diesel and semi-product exports to Europe. Gasoline cracks followed a similar upward trend, especially towards the end of the quarter.
A net income of TL 896 Million was recorded in the first quarter. While the cracks reached 5-year historical averages within the first two months of the quarter, a higher increase in natural gas limited the improvement in profitability. Tüpraş recorded a pre-tax profit of 896 million TL in the first quarter, with the outperformance in cracks during March and inventory gains resulting from elevated Brent prices.
While maintaining a 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 as it was in 2021.
It is aimed to accelerate the steps taken in the field of zero-carbon electricity. In line with the Carbon Transition Program led by Koç Group and within the scope of the Strategic Transformation Plan, which was implemented by Tüpraş back in November, necessary studies were initiated to take over the shares of electricity producer Entek Elektrik from Aygaz and Koç Holding. Since a significant amount of zero-carbon electricity will be required for the production of green hydrogen, which is among the strategic priorities of Tüpraş, it is aimed to reach a zero-carbon electricity generation portfolio of approximately 1 GW by 2030. It is aimed to accelerate the steps taken in the field of zero-carbon electricity, as Entek's existing renewable electricity capacity and growth plans fit well with Tüpraş's strategic goals.
Tüpraş successfully continued its mission of meeting the fuel needs of our country without any disruption, and throughout its transformation journey, with the aim of leading the future of the energy industry and 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 | ||||
| Q1 2022 | Q1 2021 | Diff. (%) | ||
| Operational | Total Production | 6.0 | 4.6 | 30 |
| (Million Tons) | Total Sales | 6.5 | 5.0 | 29 |
| Financial (Million TL) | Sales Revenue | 76,541 | 19,821 | 286 |
| Operating Profit | 2,756 | -614 | ||
| Profit Before Tax | 1,062 | -960 | ||
| Net Profit* | 896 | -760 | ||
| *Excluding Minority Interest | ||||
| Operational and Financial Results | ||||
| Q1 2022 | Q1 2021 | Diff. (%) | ||
| Operational | Total Production | 6.0 | 4.6 | 30 |
| (Million Tons) | Total Sales | 6.5 | 5.0 | 29 |
| Financial (Million TL) | Sales Revenue | 76,541 | 19,821 | 286 |
| Operating Profit | 2,756 | -614 | ||
| Profit Before Tax | 1,062 | -960 | ||
| Net Profit* | 896 | -760 | ||
| *Excluding Minority Interest | ||||
| Operational and Financial Results | ||||
| Q1 2022 | Q1 2021 | Diff. (%) | ||
| Operational | Total Production | 6.0 | 4.6 | 30 |
| (Million Tons) | Total Sales | 6.5 | 5.0 | 29 |
| Financial (Million TL) | Sales Revenue | 76,541 | 19,821 | 286 |
| Operating Profit | 2,756 | -614 | ||
| Profit Before Tax | 1,062 | -960 | ||
| Net Profit* | 896 | -760 | ||
| *Excluding Minority Interest | ||||