Page 92 - TURKRptDec19
P. 92
In 2018, Tupras’ net profit declined by 3% y/y to TRY3.7bn versus a 64% y/y increase in revenues to TRY89bn.
The company is targeting 28mn tonnes of production and 30mn tonnes of sales this year.
In March, Tupras paid a TRY12.87 net cash dividend per share, a 12.03% dividend yield, according to its official website.
Tupras is owned by Koc Group, Turkey’s largest conglomerate. Some 49% of shares in the refiner are traded on the stock exchange.
Norway’s sovereign wealth fund holds a 1.02% stake in Tupras.
Tupras operates a total of four refineries in Izmit, Izmir, Kirikkale and Batman, with a total annual crude oil processing capacity of 28.1mn tonnes (561,000 barrels per day).
In October 2017, Tupras issued a $700mn seven-year bond with a yield of 4.5%.
9.2.2 Automotive corporate news
● Ford Otosan
92 TURKEY Country Report December 2019 www.intellinews.com
