H1 2019 Results
Tüpraş: Growing, Resilient, Profitable
Tüpraş is a compelling investment case with strong sales growth, resilient and profitable operational and
financial structure.
KFC
.
Growing
Operating in a diesel short market (supplies
45% of the market), along with strong jet
growth
Well poised to capture future opportunities
including IMO 2020 with its output
complexity
• Continuous investment in logistics,
infrastructure and trading capabilities
Resilient
Strong balance sheet with no
immediate rollover requirement.
• Secure receivables portfolio, tight
working capital management
Pricing mechanism in place to address
commodity and FX fluctuations
Profitable
• Benefits from full system optimization
.
given high complexity, procurement and
logistics flexibility
• Prudent hedging practices to ensure
stable earnings outlook
High dividend pay-out ratio annually
Investor Presentation
www.tupras.com.tr
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