Tüpraş's profits declined in the second quarter

Turkish Petroleum Refineries Inc. (Tüpraş) announced its balance sheet for the second quarter of 2024 to the Public Disclosure Platform (KAP).

Tüpraş announced a net profit of 5 billion TL in the second quarter. Tüpraş had announced a profit of 9.3 billion TL in the same period last year. Thus, the company's profit decreased by 46 percent in one year.

The company generated 190.7 billion TL in revenue during the same period. The company's revenue in the same period of the previous year was 183.6 billion TL. Thus, the company's net income increased by 4 percent compared to the same period of the previous year.

The company's Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was TL 12.9 billion in the first quarter. EBITDA had been TL 26.1 billion in the previous year. Thus, EBITDA decreased by 50 percent on an annual basis.

There was a 7.4 point contraction in EBITDA margin compared to the previous year