Türkiye Petrol Rafinerileri (TUPRS) Q4 2024 earnings summary

Executive summary

• Achieved highest annual production since 2019 at 26.7 million tons and record sales of 30.4 million tons, with capacity utilization at 93% despite major maintenance.

• Distributed TRY 43 billion in dividends in 2024 and announced TRY 29.3 billion for 2025, with a combined three-year yield over 45%.

• Ended 2024 with $2.1 billion in cash after significant repayments, reflecting strong liquidity and financial discipline.

• Advanced sustainability with investments in SAF feedstock, PROPLAN project, and a solar power acquisition in Romania and Europe.

• Applied hyperinflationary accounting (TAS 29), restating all figures as of 31 December 2024.

Financial highlights

• Q4 2024 revenue was TRY 173 billion ($4.9 billion), with 12M 2024 revenue at TRY 991.2 billion, both down year-over-year.

• Q4 2024 net profit was TRY 3.9 billion, with 12M 2024 net profit at TRY 18.3 billion, both declining sharply year-over-year.

• Q4 2024 EBITDA was TRY 8.9 billion; 12M 2024 EBITDA was TRY 51.3 billion, down 63% year-over-year.

• Cash and cash equivalents at year-end were TRY 73.5 billion, with net cash position maintained.

• Gross profit for 2024 was TRY 68.0 billion, down from TRY 158.4 billion in 2023.

Outlook and guidance

• 2025 net refining margin guidance set at $5–$6 per barrel, with production expected at ~26 million tons and sales at ~30 million tons.

• Capacity utilization targeted between 90%–95% for 2025.

• Consolidated CapEx target for 2025 is $600 million, with major allocations to Entek and Ditaş subsidiaries.

• Deferred tax assets from investment incentives (TRY 10.2 billion) expected to be recovered within five years.

• Planned major maintenance and revamp activities at İzmit, İzmir, and Batman refineries throughout 2025.