Tüpraş announced the financial results for the first quarter of 2021. Tüpraş had a capacity utilization of 65% while total production and sales realized as 4.6 and 5 million tons, respectively.
Tüpraş, which continues its investments in modernization and energy efficiency, has made a total investment of 254 million TL in the first quarter of 2021, 42% of which is sustainability investments.
In the first quarter of 2021, Brent price rose from 50.3 $/ bbl at the beginning of the year to 63.8 $/ bbl by the end of March, thanks to production cuts above the commitments of OPEC+ countries and improved demand projections with wider global vaccine rollouts.
In the first quarter of the year, global flight numbers were still 25% down compared to the pre-pandemic period, continuing to suppress jet fuel crack margins. Due to this unfavourable situation in jet fuel, the producers limiting jet fuel production and increasing diesel production continued to have a negative impact on diesel crack margins due to the excess supply. On the other hand, low stock levels and increased mobility with vaccination in the US pushed gasoline crack margins up.
Tüpraş recorded a pre-tax loss of TL 960 million in the first quarter due to sharp depreciation of TL towards the end of quarter while inventory gain was recorded with the increase in Brent prices.
Despite pandemic, Tüpraş successfully continued its mission of meeting the fuel needs of our country without any disruption, with its Safe Operation Approach. Despite ongoing volatility both in local and global markets, Tüpraş maintained its strong balance sheet thanks to its well-disciplined and effective financial policies. Tüpraş 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 2021||Q1 2020||Diff. (%)|
|(Million Tons)||Total Sales||5.0||6.2||-20|
|(Million TL)||Operating Loss||-614||-1.716||+64|
|Loss Before Tax||-960||-2.798||+66|