{"id":1622,"date":"2026-03-05T14:00:32","date_gmt":"2026-03-05T11:00:32","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1622"},"modified":"2026-03-05T21:10:13","modified_gmt":"2026-03-05T18:10:13","slug":"tnztp-bilano-analizi-202512-tapdi-oksijen-zel-salk-ve-eitim-hizmetleri-sanayi-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1622","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 TNZTP Bilan\u00e7o Analizi 2025\/09 | Tapdi Oksijen \u00d6zel Sa\u011fl\u0131k ve E\u011fitim Hizmetleri Sanayi Ticaret A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/2mlYHE2oBHlEaYK4Pn4YGt?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>TNZTP 2025 Finansal Analizi: Sa\u011fl\u0131k Devinde Stratejik D\u00f6n\u00fc\u015f\u00fcm ve Rakamlar\u0131n Dili<\/h1>\n<p>Sa\u011fl\u0131k sekt\u00f6r\u00fcnde b\u00fcy\u00fcme, sadece modern hastane binalar\u0131 in\u015fa etmekten ibaret de\u011fildir; as\u0131l ba\u015far\u0131, bu fiziksel varl\u0131klar\u0131 nakit \u00fcreten ve s\u00fcrd\u00fcr\u00fclebilir bir operasyonel makineye d\u00f6n\u00fc\u015ft\u00fcrebilmektedir. Tapdi Oksijen\u2019in (<b>TNZTP<\/b>) 30 Eyl\u00fcl 2025 tarihli konsolide finansal sonu\u00e7lar\u0131, \u015firketin gayrimenkul odakl\u0131 bir yap\u0131dan, operasyonel verimlili\u011fi y\u00fcksek bir sa\u011fl\u0131k devine evrildi\u011fini kan\u0131tl\u0131yor. TMS 29 enflasyon muhasebesi standartlar\u0131na g\u00f6re haz\u0131rlanan bu rapor, sadece rakamlar\u0131 de\u011fil, ayn\u0131 zamanda stratejik bir &#8220;kabuk de\u011fi\u015fimini&#8221; m\u00fcjdeliyor.<\/p>\n<h2>1. Operasyonel Zafer: Has\u0131latta Reel B\u00fcy\u00fcme ve Temiz Kar<\/h2>\n<p>Tapdi Oksijen, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda has\u0131lat\u0131n\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki <b>2.036.192.864 TL<\/b> seviyesinden <b>2.445.325.838 TL<\/b>\u2019ye ta\u015f\u0131d\u0131. Ancak bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, as\u0131l ba\u015far\u0131 has\u0131lat\u0131n \u00f6tesinde, <b>Esas Faaliyet Kar\u0131<\/b> kaleminde gizli. \u015eirket, operasyonel verimlili\u011fini neredeyse ikiye katlayarak esas faaliyet kar\u0131n\u0131 <b>358.061.174 TL<\/b>\u2019den <b>663.912.593 TL<\/b>\u2019ye y\u00fckseltti.<\/p>\n<p>Buradaki kritik ayr\u0131m net kar rakamlar\u0131nda yat\u0131yor. 2024 y\u0131l\u0131 net kar\u0131, <b>1,35 Milyar TL<\/b>\u2019lik tek seferlik &#8220;Yat\u0131r\u0131m Faaliyetlerinden Gelirler&#8221; (gayrimenkul de\u011ferlemeleri\/sat\u0131\u015flar\u0131) ile yapay olarak \u015fi\u015fmi\u015f g\u00f6r\u00fcn\u00fcrken; 2025 y\u0131l\u0131 rakamlar\u0131 tamamen sa\u011fl\u0131k hizmetlerinden gelen &#8220;temiz&#8221; ve s\u00fcrd\u00fcr\u00fclebilir bir b\u00fcy\u00fcmeyi temsil ediyor. Grubun amiral gemisi olan <b>\u0130zmir T\u0131naztepe Galen Bayrakl\u0131 Hastanesi<\/b>, \u00fcretti\u011fi <b>1.400.261.151 TL<\/b> has\u0131lat ile toplam cironun %57\u2019sini tek ba\u015f\u0131na g\u00f6\u011f\u00fcsleyerek grubun pazar pay\u0131 konsolidasyonundaki en g\u00fc\u00e7l\u00fc kozu oldu\u011funu kan\u0131tlad\u0131.<\/p>\n<h2>2. Gayrimenkul Pivotu: &#8220;Betondan Hizmete&#8221; Stratejik Ge\u00e7i\u015f<\/h2>\n<p>Bilan\u00e7odaki en \u00e7arp\u0131c\u0131 de\u011fi\u015fim, varl\u0131k y\u00f6netim stratejisindeki radikal makas de\u011fi\u015fikli\u011fidir. <b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/b> kalemi <b>3,8 Milyar TL<\/b> seviyesinden <b>1,5 Milyar TL<\/b>\u2019ye gerilerken, <b>Maddi Duran Varl\u0131klar<\/b> kalemi <b>3,9 Milyar TL<\/b>\u2019den <b>6,2 Milyar TL<\/b>\u2019ye s\u0131\u00e7rad\u0131.<\/p>\n<p>Bu durum, ka\u011f\u0131t \u00fczerinde basit bir transferden \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor. \u00d6zellikle Bal\u00e7ova projesinin (<b>1316 Ada 5 Parsel<\/b>) &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131&#8221; stat\u00fcs\u00fcnden &#8220;Maddi Duran Varl\u0131k&#8221; stat\u00fcs\u00fcne ge\u00e7mesi ve dipnotlarda bu yap\u0131 i\u00e7in <b>958,9 Milyon TL<\/b> bina de\u011feri tan\u0131mlanmas\u0131, projenin art\u0131k bir gayrimenkul yat\u0131r\u0131m\u0131 olmaktan \u00e7\u0131k\u0131p operasyonel bir t\u0131bbi tesise d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. TNZTP, at\u0131l duran varl\u0131klar\u0131n\u0131 operasyona dahil ederek \u00f6zkaynaklar\u0131n\u0131 daha verimli ve nakit \u00fcreten bir yap\u0131ya kavu\u015fturmu\u015ftur.<\/p>\n<h2>3. Finansal Bor\u00e7larda Radikal Sadele\u015fme<\/h2>\n<p>Y\u00fcksek faiz ortam\u0131n\u0131n ya\u015fand\u0131\u011f\u0131 bir makroekonomik iklimde, TNZTP finansal kald\u0131ra\u00e7 oranlar\u0131n\u0131 optimize ederek risk profilini minimize etmeyi ba\u015fard\u0131. Uzun vadeli bor\u00e7lanmalar, 2024 y\u0131l sonundaki <b>323.915.936 TL<\/b> seviyesinden dramatik bir d\u00fc\u015f\u00fc\u015fle <b>52.670.739 TL<\/b> seviyesine indi.<\/p>\n<p>Bu bor\u00e7 \u00f6deme kapasitesi, \u015firketin finansal ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n\u0131 ilan etti\u011finin bir g\u00f6stergesidir. Banka kredilerine ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n bu denli azalmas\u0131, y\u00fcksek bor\u00e7lanma maliyetlerinin bilan\u00e7oyu bask\u0131lamas\u0131n\u0131 engellerken, TNZTP&#8217;yi yat\u0131r\u0131mc\u0131lar i\u00e7in g\u00fcvenli bir liman stat\u00fcs\u00fcne ta\u015f\u0131maktad\u0131r.<\/p>\n<h2>4. Likidite G\u00fcc\u00fc ve &#8220;Sava\u015f Sand\u0131\u011f\u0131&#8221; (War Chest)<\/h2>\n<p>\u015eirketin nakit y\u00f6netimi, operasyonel ba\u015far\u0131n\u0131n do\u011fal bir sonucu olarak g\u00fc\u00e7lenmeye devam ediyor. Nakit ve nakit benzerleri kalemi d\u00f6nem ba\u015f\u0131nda <b>359 Milyon TL<\/b> iken, %76\u2019l\u0131k bir art\u0131\u015fla <b>634 Milyon TL<\/b> seviyesine ula\u015ft\u0131.<\/p>\n<p>Nakit ak\u0131\u015f tablosunu inceledi\u011fimizde, <b>Esas Faaliyetlerden Nakit Ak\u0131\u015f\u0131<\/b>&#8216;n\u0131n <b>429.288.854 TL<\/b> ile olduk\u00e7a sa\u011fl\u0131kl\u0131 oldu\u011fu g\u00f6r\u00fcl\u00fcyor. \u015eirket, hastalardan elde etti\u011fi nakit ile hem operasyonlar\u0131n\u0131 y\u00fcr\u00fct\u00fcyor hem de <b>218 Milyon TL<\/b>\u2019lik duran varl\u0131k al\u0131m\u0131n\u0131 (yat\u0131r\u0131m harcamas\u0131n\u0131) d\u0131\u015f kayna\u011fa ihtiya\u00e7 duymadan fonlayabiliyor. Bu durum, TNZTP&#8217;nin gelecekteki olas\u0131 sat\u0131n almalar veya kapasite art\u0131\u015flar\u0131 i\u00e7in devasa bir &#8220;sava\u015f sand\u0131\u011f\u0131&#8221; biriktirdi\u011fine i\u015faret ediyor.<\/p>\n<h2>5. Birle\u015fmelerle Gelen Operasyonel Sinerji<\/h2>\n<p>\u015eirket, operasyonel verimlili\u011fi art\u0131rmak ve y\u00f6netimsel tek seslili\u011fi sa\u011flamak ad\u0131na grup i\u00e7i konsolidasyon ad\u0131mlar\u0131n\u0131 tamamlad\u0131. <b>T\u0131naztepe Bal\u00e7ova<\/b> ve <b>T\u0131naztepe \u00d6zel Sa\u011fl\u0131k Hizmetleri A.\u015e.<\/b>&#8216;nin ana grup ile birle\u015fme s\u00fcre\u00e7leri, finansal tablolar\u0131n daha \u015feffaf ve y\u00f6netilebilir bir yap\u0131ya kavu\u015fmas\u0131n\u0131 sa\u011flad\u0131. Bu birle\u015fmelerin \u00f6l\u00e7ek ekonomisi yaratarak genel y\u00f6netim giderleri \u00fczerindeki bask\u0131y\u0131 orta vadede hafifletmesi beklenmektedir.<\/p>\n<p><b>SONU\u00c7: Rakamlar\u0131n \u00d6tesinde Bir Gelecek<\/b><\/p>\n<p>Tapdi Oksijen (TNZTP), 30 Eyl\u00fcl 2025 itibar\u0131yla <b>9,15 Milyar TL<\/b>\u2019lik devasa bir varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015f\u0131rken, enflasyon muhasebesi (TMS 29) etkisinden ar\u0131nd\u0131r\u0131ld\u0131\u011f\u0131nda bile reel bir b\u00fcy\u00fcme sergiliyor. Bor\u00e7 y\u00fck\u00fcn\u00fc minimize eden, nakit ak\u0131\u015f\u0131n\u0131 disipline eden ve gayrimenkul portf\u00f6y\u00fcn\u00fc do\u011frudan sa\u011fl\u0131k hizmetine kanalize eden bir yap\u0131 kar\u015f\u0131m\u0131zda duruyor.<\/p>\n<p>Gayrimenkul odakl\u0131 bir b\u00fcy\u00fcme modelinden, nakit \u00fcreten dev bir sa\u011fl\u0131k operasyonuna d\u00f6n\u00fc\u015fen bu yap\u0131, 2026&#8217;da T\u00fcrkiye&#8217;nin sa\u011fl\u0131k turizmi vizyonunda nas\u0131l bir rol oynayacak?<\/p>\n<p>&nbsp;<\/p>\n<h1>Tapdi Oksijen (TNZTP) 30 Eyl\u00fcl 2025 D\u00f6nemi Konsolide Finansal Bilgilendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Tapdi Oksijen \u00d6zel Sa\u011fl\u0131k ve E\u011fitim Hizmetleri Sanayi Ticaret A.\u015e. (TNZTP), 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla haz\u0131rlanan konsolide finansal tablolar\u0131nda, y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131nda (TMS 29 uyar\u0131nca) istikrarl\u0131 bir varl\u0131k b\u00fcy\u00fcmesi ve gelir art\u0131\u015f\u0131 sergilemi\u015ftir. Toplam varl\u0131klar 9,15 milyar TL seviyesine ula\u015f\u0131rken, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda has\u0131lat 2,44 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>\u015eirketin net d\u00f6nem k\u00e2r\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine (1,25 milyar TL) k\u0131yasla d\u00fc\u015f\u00fc\u015f g\u00f6stererek 420,5 milyon TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fte yat\u0131r\u0131m faaliyetlerinden elde edilen gelirlerin azalmas\u0131 ve ertelenmi\u015f vergi giderlerinin etkisi g\u00f6r\u00fclmektedir. \u015eirket, \u0130zmir merkezli d\u00f6rt ana sa\u011fl\u0131k tesisi ile faaliyetlerini s\u00fcrd\u00fcrmekte olup, Ocak 2023&#8217;ten itibaren Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir. D\u00f6nem i\u00e7inde \u00f6denmi\u015f sermayesini 128 milyon TL&#8217;den 400 milyon TL&#8217;ye \u00e7\u0131karan \u015firket, g\u00fc\u00e7l\u00fc bir \u00f6zkaynak yap\u0131s\u0131na (7,41 milyar TL) sahiptir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Operasyonel Faaliyetler<\/h2>\n<h3>1.1. Organizasyon ve Tarih\u00e7e<\/h3>\n<p>1999 y\u0131l\u0131nda Dr. Mehmet Bektur taraf\u0131ndan temelleri at\u0131lan \u015firket, 2004 y\u0131l\u0131nda anonim \u015firkete d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirketin genel merkezi \u0130zmir Buca\u2019da bulunmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam personel say\u0131s\u0131 924&#8217;t\u00fcr (765 kadrolu, 159 alt i\u015fveren\/stajyer).<\/p>\n<h3>1.2. Sa\u011fl\u0131k Tesisleri ve Kapasite<\/h3>\n<p>\u015eirket, \u0130zmir ilinde toplam 4 ana i\u015fletme \u00fczerinden sa\u011fl\u0131k hizmeti sunmaktad\u0131r:<\/p>\n<ul>\n<li><b>\u0130zmir T\u0131naztepe Buca Hastanesi:<\/b> 2010 y\u0131l\u0131nda faaliyete ge\u00e7mi\u015ftir. 111 yatak kapasitesi, 4 ameliyathane ve JCI akreditasyonuna sahiptir.<\/li>\n<li><b>\u0130zmir T\u0131naztepe Buca T\u0131p Merkezi:<\/b> 2001 y\u0131l\u0131nda hizmete ba\u015flam\u0131\u015ft\u0131r. &#8220;Havac\u0131l\u0131k T\u0131p Merkezi&#8221; ruhsat\u0131na sahip olup u\u00e7u\u015f personeline rapor verme yetkisi bulunmaktad\u0131r.<\/li>\n<li><b>\u0130zmir T\u0131naztepe Galen Bayrakl\u0131 Hastanesi:<\/b> 17.904 m\u00b2 kapal\u0131 alan\u0131 ile grubun en b\u00fcy\u00fck hastanesidir. 100 fiili yatak kapasitesi ve n\u00fckleer t\u0131p birimi bulunmaktad\u0131r.<\/li>\n<li><b>T\u0131naztepe Torbal\u0131 Hastanesi:<\/b> 2018 y\u0131l\u0131nda geni\u015fletilerek 75 yatakl\u0131 tam te\u015fekk\u00fcll\u00fc hastaneye d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Performans Analizi<\/h2>\n<h3>2.1. Gelir ve K\u00e2rl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<p>\u015eirketin gelirleri, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131\u015f g\u00f6sterse de, k\u00e2rl\u0131l\u0131k kalemlerinde enflasyon d\u00fczeltmesi ve vergi etkileriyle de\u011fi\u015fimler g\u00f6zlemlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.445.325.838<\/td>\n<td>2.036.192.864<\/td>\n<td>+20,1<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(1.424.242.294)<\/td>\n<td>(1.299.789.890)<\/td>\n<td>+9,6<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>1.021.083.544<\/td>\n<td>736.402.974<\/td>\n<td>+38,7<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>663.912.593<\/td>\n<td>358.061.174<\/td>\n<td>+85,4<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n<td>420.584.665<\/td>\n<td>1.253.764.024<\/td>\n<td>-66,5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kritik Not:<\/b> D\u00f6nem net k\u00e2r\u0131ndaki belirgin d\u00fc\u015f\u00fc\u015f\u00fcn temel nedeni, 2024 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6neminde 1,35 milyar TL seviyesinde olan &#8220;Yat\u0131r\u0131m Faaliyetlerinden Gelirler&#8221; kaleminin 2025&#8217;te 42,8 milyon TL&#8217;ye gerilemesidir.<\/p>\n<h3>2.2. Birim Baz\u0131nda Gelir Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Gelirlerin en b\u00fcy\u00fck pay\u0131 Galen Hastanesi&#8217;nden elde edilmektedir:<\/p>\n<ul>\n<li><b>\u00d6zel T\u0131naztepe Galen Hastanesi:<\/b> 1,40 milyar TL<\/li>\n<li><b>\u00d6zel T\u0131naztepe Hastanesi:<\/b> 740,8 milyon TL<\/li>\n<li><b>Buca T\u0131p Merkezi:<\/b> 213,5 milyon TL<\/li>\n<li><b>T\u0131naztepe \u00d6zel Sa\u011fl\u0131k:<\/b> 111,5 milyon TL<\/li>\n<li><b>AVM ve Di\u011fer Gelirler:<\/b> ~50 milyon TL<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Finansal Durum ve Bilan\u00e7o Yap\u0131s\u0131<\/h2>\n<h3>3.1. Varl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin toplam varl\u0131klar\u0131 9,15 milyar TL de\u011ferindedir.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar (1,28 Milyar TL):<\/b> Nakit ve nakit benzerleri 634 milyon TL ile likiditeyi desteklemektedir. Ticari alacaklar ise 377,7 milyon TL seviyesindedir.<\/li>\n<li><b>Duran Varl\u0131klar (7,87 Milyar TL):<\/b> Maddi duran varl\u0131klar (6,23 milyar TL) ve yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller (1,59 milyar TL) varl\u0131k yap\u0131s\u0131n\u0131n %86&#8217;s\u0131n\u0131 olu\u015fturmaktad\u0131r. Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller ve maddi duran varl\u0131klar 31.12.2024 tarihinde yeniden de\u011ferlemeye tabi tutulmu\u015ftur.<\/li>\n<\/ul>\n<h3>3.2. Kaynak Yap\u0131s\u0131 ve Bor\u00e7luluk<\/h3>\n<p>\u015eirket d\u00fc\u015f\u00fck bir bor\u00e7luluk oran\u0131 ve y\u00fcksek \u00f6zkaynakla faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 813,4 milyon TL. Bu tutar\u0131n i\u00e7inde ticari bor\u00e7lar (209,8 milyon TL) ve bor\u00e7lanmalar (264 milyon TL) \u00f6n plandad\u0131r.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 926,7 milyon TL. En b\u00fcy\u00fck kalem 826,7 milyon TL ile &#8220;Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc&#8221;d\u00fcr.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 7,41 milyar TL. \u00d6denmi\u015f sermaye 400 milyon TL&#8217;ye y\u00fckseltilmi\u015ftir. \u015eirketin ge\u00e7mi\u015f y\u0131llar k\u00e2rlar\u0131 4,94 milyar TL seviyesindedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. \u00d6nemli Muhasebe ve Stratejik Notlar<\/h2>\n<h3>4.1. Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>Finansal tablolar, T\u00fcrkiye ekonomisinin y\u00fcksek enflasyonlu olmas\u0131 nedeniyle TMS 29 kapsam\u0131nda d\u00fczeltilmi\u015ftir. 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla endeks 3.367,22 olarak baz al\u0131nm\u0131\u015f, \u00f6nceki d\u00f6nem rakamlar\u0131 cari sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re yeniden d\u00fczenlenmi\u015ftir. D\u00f6nem i\u00e7inde 94,6 milyon TL &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; kaydedilmi\u015ftir.<\/p>\n<h3>4.2. Sermaye ve Pay Geri Al\u0131m\u0131<\/h3>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirket sermayesi 128 milyon TL&#8217;den 400 milyon TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015f, aradaki fark i\u00e7 kaynaklardan kar\u015f\u0131lanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Geri Al\u0131nan Paylar:<\/b> 15.04.2025 tarihli karar uyar\u0131nca pay sahiplerini korumak amac\u0131yla geri al\u0131m program\u0131 ba\u015flat\u0131lm\u0131\u015ft\u0131r. 30.09.2025 itibar\u0131yla geri al\u0131nm\u0131\u015f paylar\u0131n de\u011feri 8,19 milyon TL&#8217;dir.<\/li>\n<\/ul>\n<h3>4.3. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>\u015eirket, \u0130zmir T\u0131naztepe \u00dcniversitesi ve ana ortak Mehmet B\u00fclent Nuri Bektur ile ticari ili\u015fkilerini s\u00fcrd\u00fcrmektedir. \u00d6zellikle \u00fcniversiteye yap\u0131lan ba\u011f\u0131\u015flar (91,2 milyon TL) ve hizmet sat\u0131\u015flar\u0131 (10,6 milyon TL) dikkat \u00e7ekmektedir.<\/p>\n<h3>4.4. Yat\u0131r\u0131m Te\u015fvikleri<\/h3>\n<p>\u015eirket, Ekonomi Bakanl\u0131\u011f\u0131 taraf\u0131ndan sa\u011flanan yat\u0131r\u0131m te\u015fvik belgeleri kapsam\u0131nda indirimli kurumlar vergisi ve KDV istisnas\u0131ndan yararlanmaktad\u0131r. Ayr\u0131ca SGK i\u015fveren hissesi destekleri de kullan\u0131lmaktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Riskler ve Ko\u015fullu Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<ul>\n<li><b>Dava S\u00fcre\u00e7leri:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla grup aleyhine a\u00e7\u0131lm\u0131\u015f 104 adet dava bulunmaktad\u0131r. Ancak doktorlar ve hastane aleyhine a\u00e7\u0131lan tazminat davalar\u0131 sigorta kapsam\u0131nda oldu\u011fundan, mali tablolarda bu davalar i\u00e7in ek kar\u015f\u0131l\u0131k ayr\u0131lmas\u0131na gerek duyulmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Teminatlar:<\/b> \u015eirketin kendi t\u00fczel ki\u015fili\u011fi ad\u0131na verdi\u011fi toplam TR\u0130K (Teminat-Rehin-\u0130potek-Kefalet) tutar\u0131 108,3 milyon TL&#8217;dir. Ortaklardan \u015firket lehine al\u0131nan kefaletlerin toplam\u0131 ise 516,5 milyon TL&#8217;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1622\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>TNZTP 2025 3. \u00c7eyrek Finansal Analizi: B\u00fcy\u00fcme ve Uluslararas\u0131 Yat\u0131r\u0131mlar \u00d6n Planda<br \/>\nTapdi Oksijen (TNZTP), 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ait finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Enflasyon d\u00fczeltmeli verilere g\u00f6re has\u0131lat\u0131n\u0131 2,44 milyar TL\u2019ye \u00e7\u0131karan \u015firket, sa\u011fl\u0131k sekt\u00f6r\u00fcndeki g\u00fc\u00e7l\u00fc duru\u015funu s\u00fcrd\u00fcr\u00fcyor. Toplam varl\u0131klar\u0131n\u0131 9,1 milyar TL\u2019nin \u00fczerine ta\u015f\u0131yan grupta, \u00f6zellikle Galen Hastanesi&#8217;nin 1,4 milyar TL&#8217;lik katk\u0131s\u0131 dikkat \u00e7ekiyor.<br \/>\n\u015eirket sadece sa\u011fl\u0131k alan\u0131nda de\u011fil, gayrimenkul projeleriyle de gelece\u011fe yat\u0131r\u0131m yap\u0131yor; Buca&#8217;daki konut projesinden 2026 y\u0131l\u0131nda 750 milyon TL kar beklentisi bulunuyor. Ayr\u0131ca, Glasgow&#8217;da a\u00e7\u0131lan yeni ofis ile sa\u011fl\u0131k turizminde k\u00fcresel bir oyuncu olma vizyonu per\u00e7inleniyor. TNZTP&#8217;nin g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131 ve nakit pozisyonu, \u00f6n\u00fcm\u00fczdeki d\u00f6nemdeki b\u00fcy\u00fcme stratejileri i\u00e7in sa\u011flam bir zemin haz\u0131rl\u0131yor.<br \/>\nDetayl\u0131 analiz ve t\u00fcm finansal veriler i\u00e7in blog yaz\u0131m\u0131z\u0131n devam\u0131n\u0131 inceleyebilirsiniz.<\/p>\n","protected":false},"author":5,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[283],"class_list":["post-1622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tnztp"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1622"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1622\/revisions"}],"predecessor-version":[{"id":1676,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1622\/revisions\/1676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}