TÜPRAŞ oil refineries see 39 pct jump in profit

ANKARA – Anadolu Agency

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Turkish Petroleum Refineries (TÜPRAŞ) has seen an increase in its net profit by 39 percent in the first nine months of this year, compared with the same period last year, the company said in a statement on Nov. 6.

TÜPRAŞ said the company’s net profit had reached 1.735 billion Turkish Liras ($603 million) in the period, up from 1.246 billion liras ($546 million) in 2014.

“In the first nine months [of 2015] our domestic sales increased by 27.4 percent year-on-year due to high demand as oil prices are low,” the company said.

Net sales decreased to 28 billion liras ($9.7 billion) between January and September of this year from 30.6 billion liras ($13.3 billion) in the same period of 2014, the company said.

Its sales by volume totaled 20.9 million tons, an increase of 4.7 million tons from the same period of last year.

Turkey’s largest industrial enterprise, owned by Koç Holding, has an annual processing capacity of 28.1 million tons of crude oil.

TÜPRAŞ Director General Yavuz Erkut will retire by the end of the year, and İbrahim Yelmenoğlu, the company’s assistant general manager, will replace Erkut, the statement added.