In a written statement released through the Public Disclosure Platform (KAP), TÜPRAŞ said the company’s net profit reached TL 811.3 million in 2009, up from TL 432 million in 2008. TÜPRAŞ posted TL 199 million in net profit in the final quarter of last year; the corporation sustained a TL 710 million loss in the same months of 2008. According to a company statement, TÜPRAŞ’s sales declined to TL 20.3 billion, a 33 percent slump over the previous year. The company’s equity profitability increased to 22 percent from 11 percent in 2008.
The company’s total debt also rose to $655 million in 2009 from $215 million in 2008. TÜPRAŞ said they expect to increase sales to 22.9 million tons of crude from 21.5 million in 2009. The company’s capacity utilization rate in production stood at 69 percent, and they are planning to see a capacity utilization rate in production of 76 percent this year. TÜPRAŞ is also expected to allocate some $290 million to new investments this year.
Turkey’s largest industrial enterprise with over 28 million tons of crude processing capacity, TÜPRAŞ is partly owned and controlled by Turkish conglomerate Koç Holding.
