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Investing.com -- Turkiye Petrol Rafinerileri ( Tupras (IS:TUPRS)) reported second-quarter 2025 results that exceeded analyst expectations, primarily driven by higher production and sales volumes.
The company posted an EBITDA of $355.7 million, beating Morgan Stanley (NYSE:MS) estimates by 5.1% and Visible Alpha consensus by 10.4%. Production reached 7.0 million tons, 4.0% above estimates, while sales volumes of 7.6 million tons surpassed expectations by 9.3%.
Tupras achieved a net refining margin of $5.3 per barrel in the second quarter, representing an increase of $0.8 per barrel compared to the previous quarter, though slightly lower by $0.1 per barrel year-over-year.
The company’s quarter-to-date performance has been robust with utilization rates exceeding 100%, though management noted this strong performance was already factored into their planning.
Despite the positive results, Tupras maintained its full-year 2025 guidance across all key metrics, including production, sales, net refining margin and capital expenditure.
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