Company Note-Tüpraş (Tacirler Yatırım )

Tupras announced its product margins for August. Among middle distillates, the
diesel margin declined by 20% month-over-month and 59% year-over-year,
reaching $14.3 per barrel. The jet fuel margin dropped by 17% month-overmonth and 63% compared to the same month last year, coming in at $12.8 per
barrel. The gasoline margin decreased by 19% compared to the previous month
and 55% year-over-year, falling to $13.9 per barrel. Fuel oil margins were
recorded at negative $14.3 per barrel.


Product margins are below last year's levels... Margins are lower than the high
figures seen in 2023 but continue to hover around the 5-year averages. We observed a
normalization compared to the high base effect. Due to the contraction in margins
compared to the previous month, we view the reported data as slightly negative.
Tupras's product margin was $11.5 per barrel in Q2 2024. The company had revised its
product margin expectation for 2024 from $14 per barrel to $12 per barrel.
Turkish Fuel Market, 6M24: Diesel sales increased by 1.2% compared to the same
period last year, reaching 12.3 million tons. Jet fuel sales rose by 3.5% year-over-year
to 2.6 million tons. Gasoline sales grew by 19.3% compared to the same period last
year, reaching 2.2 million tons. LPG sales decreased by 4.6% to 2 million tons.

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