Q2 2024 Turkiye Petrol Rafinerileri AS Earnings Call Transcript
Key Points
- Tupras-Turkiye Petrol Rafineleri AS (IST:TUPRS) recorded the highest sales volumes in the last seven years during the second quarter of 2024, supported by strong operational and international sales.
- The company achieved a capacity utilization rate of 93.5% in Q2 2024, up from 83% in the same period last year, indicating high operational efficiency.
- Tupras maintained a strong cash-positive position, supported by reduced working capital requirements and effective cash management.
- The company initiated two major investment projects in its refineries with a total budget of USD 256 million, aimed at producing value-added products and reducing carbon footprint.
- Tupras expanded its zero-carbon electricity capacity to 416 megawatts, with additional projects in development, enhancing profitability from its zero-carbon electricity business line.
- The company experienced a year-over-year decrease in EBITDA, from TRY 26.9 billion in Q2 2023 to TRY 12.4 billion in Q2 2024, mainly due to inflation outpacing the depreciation of the lira.
- Crack margins remained slightly below last year, with a negative impact of TRY 0.4 billion on profit before tax.
- Narrower differentials and crude maintenance negatively impacted the cost of goods sold, affecting gross profit.
- Operational expenses were elevated due to project logistics expenses and FX loss from trade payables.
- The company revised its consolidated CapEx target for 2024 to USD 400 million, indicating some investments have been postponed.
Ladies and gentlemen, thank you for standing by. I am Vassilios, your Chorus Call operator. Welcome and thank you for joining the Tupras conference call and live webcast to present and discuss the second quarter 2024 financial results.
At this time, I would like to turn the conference over to Mr. Dolan Corp Mas, CFO, Mr. Levent, by our Head of Investor Relations. Mr. Baer, you may now proceed.
Thank you. Hi, everyone. Good evening to all from pressured quarters in this conference, and welcome to our teleconference on the upper Head of Investor Relations. I am here with Dan Comas, CFO and team members from depression, investor relations and reporting departments. Over the next hour, we will first go over our operational and financial results for the second quarter of 2024. Then we will continue with this Q&A session. I'll draw your attention to our cautionary statement. During today's presentation, we will make forward-looking statements that refer to our estimates, plans
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