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        Turkey’s largest conglomerate Koc Holding—came in at TRY186mn, down 90% y/y but beating the market forecast for TRY21mn.
Some 49% of shares in the refiner are traded on the stock exchange.
Total production at Tupras last year was up 9% y/y to 28.1mn tonnes while sales were at 29.2mn tonnes, suggesting a capacity utilisation rate of 98%. The company targeted 28mn tonnes of production and 30mn tonnes of sales.
In 2018, Tupras’ net profit declined by 3% y/y to TRY3.7bn versus a 64% y/y increase in revenues to TRY89bn.
Tupras ​plans 28mn tonnes of production and 29mn tonnes of sales in 2020​, indicating a capacity utilisation rate of 95-100%.
Fitch Ratings said the commissioning of STAR refinery by Azerbaijani competitor Socar would be rating-neutral for Tupras with no material impact on the company's results forecast.
Tupras will not distribute dividends from its 2019 profit since it closed the fiscal year with a TRY1.14bn loss in terms of the Tax Procedural Law records.
In March 2019, Tupras paid a TRY12.87 net cash dividend per share, marking a 12.03% dividend yield.
Norway’s sovereign wealth fund held a 1.02% stake in Tupras as of end-2018. On January 31, the world’s largest asset manager BlackRock sold 35,924 Tupras shares, shifting its stake to 4.99% of the refiner.
In October 2017, Tupras issued $700mn worth of seven-year eurobonds (​XS1686704948​) with a yield of 4.5%.
World’s largest asset manager BlackRock at the end of January raised its stake in Tupras (​TUPRS​) to 5.01%​ from 4.977%, buying 71,297 shares at an average price of TRY114.3, the New York-based corporation said in a stock exchange filing. But that was just a precursor to another move.
The transaction sealed at the end of last week accounted for 0.03% of Tupras’ total share capital, 0.06% of its free-floating shares and 4% of its average daily trading volume in 2019, Seker Invest calculated.
On February 3, Blackrock said in another filing that it sold 35,924 Tupras shares at an average price of TRY113.2, shifting its stake to 4.99% of the refiner.
Tupras shares were trading at TRY112.9 as of 18:10 local time on February 7, down 2% from the intraday high of 116.1 on January 31.
Shareholders that have a more-than-5% stake in a Borsa Istanbul-listed company are obliged to inform public disclosure platform KAP of any transactions in the company’s shares.
Investors classified as foreign mostly sold Tupras ($189mn) and Turkish Airlines ($126mn) shares in January.
BlackRock, which worldwide has more than $7 trillion under management, has also been shifting positions in Turkish Airlines stock. Its stake in the flagship carrier has been moving above and below the 5% threshold.
The most active stock by far on the Borsa Istanbul lately has been that of Turkish Airlines, following the short-selling bans introduced by officials on the most active banking stocks in October. Traders are treating Turkish Airlines
    58​ TURKEY Country Report​ March 2020 ​ ​www.intellinews.com
 















































































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