Q3 2024 Turkiye Petrol Rafinerileri AS Earnings Call Transcript
Key Points
- Tupras-Turkiye Petrol Rafineleri AS (IST:TUPRS) achieved the highest capacity utilization rate since the third quarter of 2019, reaching 101.4%.
- The company recorded all-time high domestic gasoline sales in the third quarter, driven by rising demand in Turkey.
- Tupras-Turkiye Petrol Rafineleri AS maintained a strong cash position with USD3 billion, supported by solid EBITDA generation and effective working capital management.
- The company completed a significant dividend payment of TRY43 billion in 2024, maintaining an 80% payout ratio.
- Tupras-Turkiye Petrol Rafineleri AS renewed its contract with Istanbul Airport to supply 1.8 million tons of jet fuel annually for five years, reinforcing its market presence.
- The company experienced a decrease in diesel cracks, averaging $15.7 per barrel, due to high inventory levels and a global industrial slowdown.
- Gasoline cracks were lower year-on-year at $14.1 per barrel, impacted by high utilization rates and competitive pressures.
- Tupras-Turkiye Petrol Rafineleri AS reported a 33% decline in revenues compared to the previous year, attributed to weakening crack margins.
- Exports decreased by 27% year-on-year as the company prioritized domestic sales, particularly in gasoline.
- The financial results were affected by a TRY3.6 billion expense due to the revaluation of deferred tax, impacting the net income.
Ladies and gentlemen, thank you for standing by. I'm Vasili. Your course call operator, welcome and thank you for joining the two press conference call and live webcast to present and discuss the third quarter, 2024 financial results. At this time, I would like to turn the conference over to Mr Dolan Corp Mas, CFO; Mr. Levent Baykan Investor Relations, executive director, Mr Bayar. You may now proceed.
Hi everyone. Good evening to all from press headquarters in Istanbul and welcome to our teleconference. I'm Lavante Enterprise Risk and Investor Relations, Executive director, I'm here with Toano CFO and team members from Press Investor Relations and reporting department. There has been an unfortunate event today out at Isit Refinery. We are pleased to inform you that the fire was extinguished in the afternoon and we continue our operations as usual over the next hour, we will first go over our operational and financial results for the third quarter of 2024. Then we will continue with the
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