{"id":1668,"date":"2026-03-05T19:56:08","date_gmt":"2026-03-05T16:56:08","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1668"},"modified":"2026-03-05T19:59:29","modified_gmt":"2026-03-05T16:59:29","slug":"kopol-faaliyet-raporu-analizi-202512-koza-polyester-sanayi-ve-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1668","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 KOPOL Faaliyet Raporu Analizi 2025\/12 | Koza Polyester Sanayi ve Ticaret A.\u015e."},"content":{"rendered":"<p><iframe data-testid=\"embed-iframe\" style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/6RdHZDjq7FozOOtYke16FS?utm_source=generator&#038;t=0\" width=\"100%\" height=\"352\" frameBorder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\"><\/iframe><\/p>\n<h1>Tekstil Devinden &#8220;Ye\u015fil&#8221; ve &#8220;Zorlu&#8221; Bir Y\u0131l: Koza Polyester 2025 Raporu\u2019ndan \u00d6ne \u00c7\u0131kan 5 \u00c7arp\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>1. Giri\u015f: Beklentiler ve Ger\u00e7ekler Aras\u0131nda Bir Dev<\/h3>\n<p>2025 y\u0131l\u0131, k\u00fcresel tekstil ve polimer d\u00fcnyas\u0131 i\u00e7in adeta &#8220;m\u00fckemmel bir f\u0131rt\u0131nan\u0131n&#8221; ortas\u0131nda ge\u00e7ti. Bir yanda merkez bankalar\u0131n\u0131n tavizsiz s\u0131k\u0131 para politikalar\u0131 ve inat\u00e7\u0131 enflasyon bask\u0131s\u0131, di\u011fer yanda jeopolitik gerilimlerin g\u00f6lgesinde kalan ticaret rotalar\u0131&#8230; Y\u00f6netim Kurulu Ba\u015fkan\u0131 Saim Ak\u0131nal&#8217;\u0131n faaliyet raporundaki ifadeleriyle; jeopolitik risklerin hammadde maliyetlerini do\u011frudan tetikledi\u011fi bu d\u00f6nemde Koza Polyester, sadece bir \u00fcretim tesisi de\u011fil, bir sekt\u00f6r\u00fcn hayatta kalma ve d\u00f6n\u00fc\u015f\u00fcm stratejisini temsil ediyor. 2025 raporu, rakamlar\u0131n \u00f6tesinde, dev bir sanayi kurulu\u015funun k\u00fcresel krizleri nas\u0131l birer operasyonel manevra alan\u0131na d\u00f6n\u00fc\u015ft\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>2. \u00dcretim Art\u0131yor, K\u00e2rl\u0131l\u0131k Direniyor: B\u00fcy\u00fcmenin Paradoksu<\/h3>\n<p>Koza Polyester, 2025 y\u0131l\u0131nda operasyonel bir diren\u00e7 s\u0131nav\u0131 vererek toplam \u00fcretimini bir \u00f6nceki y\u0131la g\u00f6re %6,58 art\u0131\u015fla <b>116.564 tona<\/b> ta\u015f\u0131d\u0131. \u00dcretimin %91\u2019ini tek ba\u015f\u0131na s\u0131rtlayan polyester elyaf, \u015firketin kalesi olma \u00f6zelli\u011fini korudu. Ancak buradaki as\u0131l ba\u015far\u0131, bu art\u0131\u015f\u0131n sadece pazar talebiyle de\u011fil, \u015firket i\u00e7indeki &#8220;operasyonel \u00e7eviklik&#8221; ile gelmi\u015f olmas\u0131d\u0131r. \u015eirket, marjlar\u0131n darald\u0131\u011f\u0131 bir d\u00f6nemde kapasitesini art\u0131rmak i\u00e7in tesislerinde kritik modifikasyonlar ve verimlilik odakl\u0131 projeler y\u00fcr\u00fctt\u00fc. Bu hamle, Asya merkezli (\u00c7in ve Hindistan) d\u00fc\u015f\u00fck maliyetli devlerin yaratt\u0131\u011f\u0131 ac\u0131mas\u0131z fiyat rekabetine kar\u015f\u0131 geli\u015ftirilen bir i\u00e7 savunma refleksi niteli\u011finde.<\/p>\n<p>Saim Ak\u0131nal, sekt\u00f6r\u00fcn i\u00e7inde bulundu\u011fu bu &#8220;marj k\u0131skac\u0131n\u0131&#8221; \u015fu s\u00f6zlerle \u00f6zetliyor:<\/p>\n<p>&#8220;2025 y\u0131l\u0131, T\u00fcrkiye tekstil ve elyaf sekt\u00f6r\u00fc a\u00e7\u0131s\u0131ndan rekabetin yo\u011funla\u015ft\u0131\u011f\u0131 ve maliyet bask\u0131lar\u0131n\u0131n artt\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. \u00c7in, Hindistan ve G\u00fcneydo\u011fu Asya \u00fclkelerinin d\u00fc\u015f\u00fck maliyetli \u00fcretim avantaj\u0131, fiyat rekabetini daha da sertle\u015ftirmi\u015ftir. \u00d6zellikle polyester elyaf \u00fcreticileri, hem i\u00e7 piyasadaki daralma hem de ithal \u00fcr\u00fcn bask\u0131s\u0131 nedeniyle marj kayb\u0131 ya\u015fam\u0131\u015ft\u0131r.&#8221;<\/p>\n<h3>3. S\u00fcrd\u00fcr\u00fclebilirlik Art\u0131k Bir Se\u00e7enek De\u011fil, Bir Hayatta Kalma Meselesi<\/h3>\n<p>Raporun sat\u0131r aralar\u0131 okundu\u011funda, s\u00fcrd\u00fcr\u00fclebilirli\u011fin Koza Polyester i\u00e7in bir &#8220;prestij projesi&#8221; olmaktan \u00e7\u0131k\u0131p temel bir &#8220;ihracat pasaportu&#8221; haline geldi\u011fi g\u00f6r\u00fcl\u00fcyor. AB Ye\u015fil Mutabakat\u0131 ve S\u0131n\u0131rda Karbon D\u00fczenleme Mekanizmas\u0131 (CBAM), \u015firketi stratejik bir d\u00f6n\u00fc\u015f\u00fcme zorluyor.<\/p>\n<p>Bu kapsamda at\u0131lan ad\u0131mlar, 2026 vizyonunun temelini olu\u015fturuyor:<\/p>\n<ul>\n<li><b>Responsible Program:<\/b> T.C. Ticaret Bakanl\u0131\u011f\u0131 destekli bu programla ye\u015fil d\u00f6n\u00fc\u015f\u00fcm kapasitesi kurumsalla\u015ft\u0131r\u0131l\u0131yor.<\/li>\n<li><b>ReHubs \u0130\u015f Birli\u011fi:<\/b> Avrupa\u2019n\u0131n tekstil geri d\u00f6n\u00fc\u015f\u00fcm a\u011f\u0131n\u0131n bir par\u00e7as\u0131 olunarak, d\u00f6ng\u00fcsel ekonominin getirece\u011fi yeni pazar paylar\u0131na odaklan\u0131l\u0131yor.<\/li>\n<li><b>Karbon Ayak \u0130zi:<\/b> Hedef sadece \u00fcretmek de\u011fil; &#8220;izlenebilir ve d\u00fc\u015f\u00fck karbonlu&#8221; \u00fcr\u00fcnlerle k\u00fcresel l\u00fcks segmentin ve teknik tekstil d\u00fcnyas\u0131n\u0131n ana tedarik\u00e7isi kalabilmek.<\/li>\n<\/ul>\n<h3>4. T\u00fcrkiye&#8217;nin Elyaf \u0130htiyac\u0131n\u0131n %10&#8217;u Tek Bir \u00c7at\u0131 Alt\u0131nda<\/h3>\n<p>Koza Polyester\u2019in yerel ekonomideki a\u011f\u0131rl\u0131\u011f\u0131, stratejik bir ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 da beraberinde getiriyor. T\u00fcrkiye&#8217;nin sanayi kollar\u0131nda kullan\u0131lan <b>toplam polyester elyaf ihtiyac\u0131n\u0131n yakla\u015f\u0131k %10&#8217;u<\/b> tek ba\u015f\u0131na bu tesisten \u00e7\u0131k\u0131yor. \u0130thalat ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131n en y\u00fcksek oldu\u011fu sekt\u00f6rlerden birinde Koza Polyester, yerli sanayinin hammadde g\u00fcvenli\u011fi i\u00e7in kritik bir tampon b\u00f6lge olu\u015fturuyor. Bu &#8220;y\u00fczde 10&#8221;, \u015firketi sadece bir borsa oyuncusu de\u011fil, T\u00fcrkiye&#8217;nin sanayi stratejisinin vazge\u00e7ilmez bir par\u00e7as\u0131 konumuna y\u00fckseltiyor.<\/p>\n<h3>5. Ciroda %12 Art\u0131\u015f Ama Net Zarar: Say\u0131lar\u0131n Arkas\u0131ndaki Finansal Hikaye<\/h3>\n<p>\u015eirketin mali tablolar\u0131, ilk bak\u0131\u015fta kafa kar\u0131\u015ft\u0131r\u0131c\u0131 bir tablo sunuyor: 5,4 milyar TL\u2019ye ula\u015fan rekor ciroya ra\u011fmen 41 milyon TL net d\u00f6nem zarar\u0131. Ancak bir sanayi analisti g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, hikayenin asl\u0131 &#8220;Fonksiyonel Para Birimi&#8221; etkisinde gizli. Koza Polyester kay\u0131tlar\u0131n\u0131 USD \u00fczerinden tutuyor; TL bazl\u0131 raporlamada ise kur \u00e7evrim farklar\u0131 &#8220;muhasebesel&#8221; bir zarar yaratabiliyor. Ger\u00e7ek ekonomik sa\u011fl\u0131\u011f\u0131 g\u00f6steren <b>Toplam Kapsaml\u0131 Gelir<\/b> kalemine bak\u0131ld\u0131\u011f\u0131nda, \u015firketin \u00f6zkaynaklar\u0131n\u0131 b\u00fcy\u00fcterek 787 milyon TL\u2019lik bir de\u011fer yaratt\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p><b>2024 &#8211; 2025 Finansal Kar\u015f\u0131la\u015ft\u0131rma \u00d6zet Tablosu<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyon TL)<\/td>\n<td>2024<\/td>\n<td>2025<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Net Sat\u0131\u015flar<\/td>\n<td>4.867<\/td>\n<td>5.465<\/td>\n<td>+%12<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>673<\/td>\n<td>561<\/td>\n<td>-%16,6<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/td>\n<td>394<\/td>\n<td>(41)<\/td>\n<td>-%110<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kapsaml\u0131 Gelir<\/b><\/td>\n<td><b>714<\/b><\/td>\n<td><b>787<\/b><\/td>\n<td><b>+%10<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu tablo, \u015firketin operasyonel kar\u0131n\u0131n finansman giderlerindeki (369M TL&#8217;den 702M TL&#8217;ye \u00e7\u0131k\u0131\u015f) art\u0131\u015fla bask\u0131land\u0131\u011f\u0131n\u0131, ancak \u015firketin ger\u00e7ek de\u011ferinin USD bazl\u0131 varl\u0131k yap\u0131s\u0131 sayesinde korundu\u011funu kan\u0131tl\u0131yor.<\/p>\n<h3>6. Stratejik Ortakl\u0131klar ve Pay Devri: Pardus Portf\u00f6y Etkisi<\/h3>\n<p>2025 sonunda ger\u00e7ekle\u015fen pay devri, Koza Polyester\u2019in kurumsalla\u015fma tarihindeki en zekice hamlelerden biri olabilir. Hakim ortaklar Saim ve Suat Ak\u0131nal, 233,4 milyon TL nominal de\u011ferli B grubu paylar\u0131n\u0131 <b>Pardus Portf\u00f6y Y\u00f6netimi<\/b> fonlar\u0131na devretti.<\/p>\n<p>Bu hamle iki kritik amaca hizmet ediyor:<\/p>\n<ol>\n<li><b>Sermaye G\u00fc\u00e7lendirme:<\/b> 2026\u2019daki geni\u015fleme ve mali b\u00fcnyenin g\u00fc\u00e7lendirilmesi vizyonu i\u00e7in kurumsal sermaye i\u00e7eri al\u0131n\u0131yor.<\/li>\n<li><b>Kontrol\u00fcn Korunmas\u0131:<\/b> Sat\u0131lan paylar B grubu. A grubu paylar ise her bir hissede 5 oy hakk\u0131 gibi devasa bir imtiyaza sahip. B\u00f6ylece Ak\u0131nal ailesi, &#8220;direksiyonu&#8221; b\u0131rakmadan taze finansal yak\u0131t ikmali yapm\u0131\u015f oldu.<\/li>\n<\/ol>\n<h3>7. Sonu\u00e7: 2026\u2019ya Do\u011fru Bir Bak\u0131\u015f<\/h3>\n<p>Koza Polyester&#8217;in 2025 y\u0131l\u0131 bilan\u00e7osu, zorlu bir konjonkt\u00fcrde verimlilik odakl\u0131 \u00fcretimle hayatta kalma dersidir. \u015eirket, muhasebesel zararlara ra\u011fmen kapsaml\u0131 gelirlerindeki art\u0131\u015f ve ye\u015fil d\u00f6n\u00fc\u015f\u00fcm yat\u0131r\u0131mlar\u0131yla 2026\u2019n\u0131n yeni rekabet ko\u015fullar\u0131na haz\u0131rlan\u0131yor. Finansal yap\u0131s\u0131n\u0131 kurumsal fonlarla tahkim eden dev, art\u0131k sadece bir hammadde \u00fcreticisi de\u011fil, s\u00fcrd\u00fcr\u00fclebilir bir teknoloji \u015firketi olma yolunda ilerliyor.<\/p>\n<p>Bu d\u00f6n\u00fc\u015f\u00fcm\u00fc izlerken sormam\u0131z gereken o can al\u0131c\u0131 soru hala g\u00fcncelli\u011fini koruyor:<\/p>\n<p><b>&#8220;Ye\u015fil d\u00f6n\u00fc\u015f\u00fcm\u00fcn maliyeti mi daha y\u00fcksektir, yoksa bu d\u00f6n\u00fc\u015f\u00fcme ge\u00e7 kalman\u0131n bedeli mi?&#8221;<\/b><\/p>\n<p>&nbsp;<\/p>\n<h1>Koza Polyester Sanayi ve Ticaret A.\u015e. 2025 Y\u0131l\u0131 Faaliyet ve Strateji Bilgilendirme Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Koza Polyester Sanayi ve Ticaret A.\u015e., 2025 hesap d\u00f6neminde k\u00fcresel ekonomik belirsizlikler, s\u0131k\u0131 para politikalar\u0131 ve jeopolitik gerilimlerin g\u00f6lgesinde operasyonel b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. \u015eirket, bir \u00f6nceki y\u0131la g\u00f6re \u00fcretim miktar\u0131n\u0131 <b>%6,58<\/b> art\u0131rarak <b>116.564 tona<\/b> \u00e7\u0131karm\u0131\u015f ve T\u00fcrkiye&#8217;nin polyester elyaf ihtiyac\u0131n\u0131n yakla\u015f\u0131k <b>%10&#8217;unu<\/b> tek ba\u015f\u0131na kar\u015f\u0131lam\u0131\u015ft\u0131r. Net sat\u0131\u015f gelirleri <b>%12<\/b> art\u0131\u015fla <b>5.465 milyon TL<\/b> seviyesine ula\u015fsa da, artan hammadde ve enerji maliyetleri ile y\u00fcksek finansman giderleri nedeniyle d\u00f6nem <b>41 milyon TL net zarar<\/b> ile kapat\u0131lm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131, \u015firket i\u00e7in operasyonel verimlili\u011fin art\u0131r\u0131ld\u0131\u011f\u0131 ancak makroekonomik bask\u0131lar\u0131n k\u00e2rl\u0131l\u0131k \u00fczerinde belirleyici oldu\u011fu bir dengeleme y\u0131l\u0131 olmu\u015ftur. Stratejik olarak &#8220;Ye\u015fil D\u00f6n\u00fc\u015f\u00fcm&#8221; ve s\u00fcrd\u00fcr\u00fclebilirlik odak noktas\u0131 haline gelmi\u015f, 2026 y\u0131l\u0131 ise d\u00f6ng\u00fcsel ekonomiye ge\u00e7i\u015fin temel y\u0131l\u0131 olarak hedeflenmi\u015ftir.<\/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. Operasyonel Performans ve \u00dcretim Analizi<\/h2>\n<p>2025 y\u0131l\u0131nda Koza Polyester, kapasite kullan\u0131m\u0131n\u0131 ve verimlili\u011fini art\u0131rmaya y\u00f6nelik modifikasyon \u00e7al\u0131\u015fmalar\u0131na odaklanm\u0131\u015ft\u0131r. \u015eirketin ana faaliyet alan\u0131n\u0131 polyester elyaf, polyester cips ve plastifiyan \u00fcretimi olu\u015fturmaktad\u0131r.<\/p>\n<h3>1.1 \u00dcretim Verileri (Ton Baz\u0131nda)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcr\u00fcn Grubu<\/td>\n<td>2025 \u00dcretim (Ton)<\/td>\n<td>2024 \u00dcretim (Ton)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<td>2025 Pay (%)<\/td>\n<\/tr>\n<tr>\n<td>Polyester Elyaf<\/td>\n<td>106.580<\/td>\n<td>98.094<\/td>\n<td>+%8,65<\/td>\n<td>%91,4<\/td>\n<\/tr>\n<tr>\n<td>Polyester Cips<\/td>\n<td>4.141<\/td>\n<td>5.116<\/td>\n<td>-%19,05<\/td>\n<td>%3,6<\/td>\n<\/tr>\n<tr>\n<td>Plastifiyan<\/td>\n<td>5.843<\/td>\n<td>6.155<\/td>\n<td>-%5,07<\/td>\n<td>%5,0<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>116.564<\/b><\/td>\n<td><b>109.365<\/b><\/td>\n<td><b>+%6,58<\/b><\/td>\n<td><b>%100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Polyester Elyaf:<\/b> \u015eirketin amiral gemisi \u00fcr\u00fcn\u00fcd\u00fcr. \u00dcretimdeki en b\u00fcy\u00fck art\u0131\u015f bu kalemdedir. Tekstil ve teknik tekstil (hijyen, medikal, otomotiv, suni deri) sekt\u00f6rlerinin ana hammaddesidir.<\/li>\n<li><b>Kapasite Durumu:<\/b> \u015eirketin g\u00fcnl\u00fck polimer \u00fcretim kapasitesi 330 tondur. Elyaf hatt\u0131n\u0131n teorik y\u0131ll\u0131k kapasitesi 142.183 tona kadar \u00e7\u0131kabilmektedir.<\/li>\n<\/ul>\n<h3>1.2 Sat\u0131\u015f ve Pazarlama Faaliyetleri<\/h3>\n<p>\u015eirketin toplam sat\u0131\u015f hacmi ton baz\u0131nda <b>%5,80<\/b> artarak <b>116.005 tona<\/b> ula\u015fm\u0131\u015ft\u0131r. Sat\u0131\u015f stratejisi, yerli \u00fcretimin yetersiz oldu\u011fu i\u00e7 pazardaki talebi kar\u015f\u0131lamaya odakl\u0131d\u0131r.<\/p>\n<ul>\n<li><b>Pazar Da\u011f\u0131l\u0131m\u0131:<\/b> Sat\u0131\u015flar\u0131n <b>%98,85&#8217;i<\/b> yurt i\u00e7ine, <b>%1,15&#8217;i<\/b> ise yurt d\u0131\u015f\u0131na ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Has\u0131lat Geli\u015fimi:<\/b> 2024&#8217;te 4.867 milyon TL olan net sat\u0131\u015flar, 2025&#8217;te <b>5.465 milyon TL&#8217;ye<\/b> y\u00fckselmi\u015ftir.<\/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 Analiz ve Risk Y\u00f6netimi<\/h2>\n<p>2025 mali y\u0131l\u0131, varl\u0131k b\u00fcy\u00fcmesinin devam etti\u011fi ancak k\u00e2rl\u0131l\u0131k marjlar\u0131n\u0131n darald\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur.<\/p>\n<h3>2.1 \u00d6zet Finansal Tablo (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hesap Grubu<\/td>\n<td>31.12.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>4.995<\/td>\n<td>3.124<\/td>\n<td>+%60<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>4.403<\/td>\n<td>3.596<\/td>\n<td>+%22<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>9.398<\/b><\/td>\n<td><b>6.720<\/b><\/td>\n<td><b>+%40<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.345<\/td>\n<td>1.792<\/td>\n<td>+%87<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.450<\/td>\n<td>1.109<\/td>\n<td>+%31<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>4.603<\/td>\n<td>3.819<\/td>\n<td>+%21<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(41)<\/b><\/td>\n<td><b>394<\/b><\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2 K\u00e2rl\u0131l\u0131k ve Maliyet Bask\u0131lar\u0131<\/h3>\n<ul>\n<li><b>Maliyet Art\u0131\u015f\u0131:<\/b> Sat\u0131\u015flar\u0131n maliyeti %15 artarken, has\u0131lat art\u0131\u015f\u0131 %11&#8217;de kalm\u0131\u015ft\u0131r. Bu durum br\u00fct k\u00e2r\u0131n 807 milyon TL&#8217;den <b>706 milyon TL&#8217;ye<\/b> gerilemesine yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Giderleri:<\/b> Artan bor\u00e7luluk ve faiz oranlar\u0131 etkisiyle finansman giderleri <b>702 milyon TL<\/b> olarak ger\u00e7ekle\u015fmi\u015f ve d\u00f6nem zarar\u0131n\u0131n temel nedeni olmu\u015ftur.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> Kay\u0131tl\u0131 sermaye tavan\u0131 2025 y\u0131l\u0131nda yap\u0131lan esas s\u00f6zle\u015fme de\u011fi\u015fikli\u011fi ile <b>17 milyar TL&#8217;ye<\/b> y\u00fckseltilmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.3 Finansal Riskler<\/h3>\n<ul>\n<li><b>Kur Riski:<\/b> \u015eirketin net yabanc\u0131 para pozisyonu <b>-2,2 milyar TL<\/b> seviyesindedir (a\u00e7\u0131k pozisyon). USD&#8217;nin TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda net zarar \u00fczerinde 235,6 milyon TL ek olumsuz etki olu\u015fmaktad\u0131r.<\/li>\n<li><b>Yo\u011funla\u015fma Riski:<\/b> Toplam has\u0131lat\u0131n <b>%26,48&#8217;i<\/b> ili\u015fkili taraf olan Ak\u0131nal Sentetik Tekstil Sanayi ve Ticaret A.\u015e.&#8217;ye yap\u0131lan sat\u0131\u015flardan olu\u015fmaktad\u0131r.<\/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. Stratejik D\u00f6n\u00fc\u015f\u00fcm: S\u00fcrd\u00fcr\u00fclebilirlik ve Ye\u015fil Mutabakat<\/h2>\n<p>Koza Polyester, s\u00fcrd\u00fcr\u00fclebilirli\u011fi bir zorunluluktan ziyade rekabet avantaj\u0131 sa\u011flayacak stratejik bir alan olarak tan\u0131mlam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi:<\/b> 20.12.2025 tarihinde Y\u00f6netim Kurulu karar\u0131yla kurulmu\u015ftur. &#8220;Gelecek i\u00e7in Do\u011fay\u0131 Koru&#8221; misyonu benimsenmi\u015ftir.<\/li>\n<li><b>Ye\u015fil D\u00f6n\u00fc\u015f\u00fcm:<\/b> T.C. Ticaret Bakanl\u0131\u011f\u0131&#8217;n\u0131n &#8220;Responsible Program\u0131&#8221;na kabul edilerek ye\u015fil d\u00f6n\u00fc\u015f\u00fcm s\u00fcre\u00e7leri h\u0131zland\u0131r\u0131lm\u0131\u015ft\u0131r. AB Ye\u015fil Mutabakat\u0131 ve S\u0131n\u0131rda Karbon D\u00fczenleme Mekanizmas\u0131&#8217;na (CBAM) uyum \u00f6ncelikli g\u00fcndemdir.<\/li>\n<li><b>Enerji Yat\u0131r\u0131mlar\u0131:<\/b> Karbon ayak izini d\u00fc\u015f\u00fcrmek amac\u0131yla GES (G\u00fcne\u015f Enerji Santrali) yat\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirilmi\u015f ve devreye al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sertifikasyonlar:<\/b> \u015eirket ISO 9001, ISO 14001 (\u00e7al\u0131\u015fmalar devam ediyor), ISO 50001, ISO 27001 ve OEKO-TEX Standart 100 belgelerine sahiptir.<\/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. Kurumsal Y\u00f6netim ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<p>\u015eirket, \u015feffafl\u0131k ve hesap verebilirlik ilkeleri \u00e7er\u00e7evesinde kurumsal y\u00f6netim uyumunu en \u00fcst seviyede tutmay\u0131 hedeflemektedir.<\/p>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131 (31.12.2025):<\/b>\n<ul>\n<li>Saim Ak\u0131nal: %27,16<\/li>\n<li>Suat Ak\u0131nal: %27,16<\/li>\n<li>Pardus Portf\u00f6y Fonlar\u0131: %18,00<\/li>\n<li>Halka A\u00e7\u0131k K\u0131s\u0131m: %20,54<\/li>\n<li>Di\u011fer (Aile \u00dcyeleri): %7,14<\/li>\n<\/ul>\n<\/li>\n<li><b>Y\u00f6netim Kurulu:<\/b> Saim Ak\u0131nal ba\u015fkanl\u0131\u011f\u0131nda, 2 icrac\u0131 ve 2 ba\u011f\u0131ms\u0131z (Ali Ayd\u0131n Pand\u0131r, Virma S\u00f6kmen) \u00fcye dahil toplam 5 \u00fcyeden olu\u015fmaktad\u0131r.<\/li>\n<li><b>\u0130mtiyazl\u0131 Paylar:<\/b> A Grubu nama yaz\u0131l\u0131 paylar, y\u00f6netim kuruluna aday g\u00f6sterme ve genel kurulda oy kullanma (A grubu 5 oy, B grubu 1 oy) y\u00f6n\u00fcnden imtiyaza sahiptir.<\/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>5. \u00d6nemli Al\u0131nt\u0131lar ve Vizyon Mesajlar\u0131<\/h2>\n<p>&#8220;2025 y\u0131l\u0131, tekstil ve elyaf sekt\u00f6r\u00fc i\u00e7in y\u00fcksek rekabet, d\u00fc\u015f\u00fck k\u00e2rl\u0131l\u0131k ve artan finansal risklerle \u015fekillenmi\u015f; verimlilik art\u0131\u015f\u0131, katma de\u011ferli \u00fcretim ve s\u00fcrd\u00fcr\u00fclebilirlik yat\u0131r\u0131mlar\u0131 sekt\u00f6r\u00fcn ayakta kalabilmesi i\u00e7in temel \u00f6ncelikler haline gelmi\u015ftir.&#8221; \u2014 <b>Saim Ak\u0131nal, Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/b><\/p>\n<p>&#8220;Art\u0131k yaln\u0131zca kaliteli \u00fcretmek yeterli de\u011fildir; d\u00fc\u015f\u00fck karbon ayak iziyle, izlenebilir ve geri d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir \u00fcr\u00fcnler \u00fcretmek temel rekabet kriteri haline gelmi\u015ftir. Koza Polyester olarak bizler, s\u00fcrd\u00fcr\u00fclebilirli\u011fi bir zorunluluk de\u011fil, stratejik bir d\u00f6n\u00fc\u015f\u00fcm alan\u0131 olarak g\u00f6rmekteyiz.&#8221; \u2014 <b>Y\u00f6netim Kurulu Faaliyet Raporu, 2025<\/b><\/p>\n<p>&#8220;2026 y\u0131l\u0131 yaln\u0131zca ekonomik dengelerin de\u011fil; \u00fcretim anlay\u0131\u015f\u0131n\u0131n, \u00e7evresel sorumluluklar\u0131n ve rekabet kriterlerinin yeniden tan\u0131mland\u0131\u011f\u0131 bir y\u0131l olmaya adayd\u0131r.&#8221; \u2014 <b>Saim Ak\u0131nal, Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/b><\/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>6. Gelecek Beklentileri (2026 Projeksiyonu)<\/h2>\n<p>\u015eirket, 2026 y\u0131l\u0131nda d\u00f6ng\u00fcsel ekonomi uygulamalar\u0131n\u0131 yayg\u0131nla\u015ft\u0131rmay\u0131 ve operasyonel verimlilikle maliyetleri kontrol alt\u0131na almay\u0131 hedeflemektedir. Asya merkezli d\u00fc\u015f\u00fck maliyetli \u00fcretim bask\u0131s\u0131na kar\u015f\u0131, y\u00fcksek katma de\u011ferli ve d\u00fc\u015f\u00fck karbon yo\u011funluklu \u00fcr\u00fcnlerle rekabet g\u00fcc\u00fcn\u00fcn korunmas\u0131 planlanmaktad\u0131r. Disiplinli maliyet y\u00f6netimi ve g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131 ile 2026 y\u0131l\u0131nda k\u00e2rl\u0131l\u0131\u011f\u0131n tekrar tesis edilmesi temel ama\u00e7t\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1668\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Koza Polyester 2025 Y\u0131l\u0131nda \u00dcretim Rekoru K\u0131rd\u0131: S\u00fcrd\u00fcr\u00fclebilir B\u00fcy\u00fcme ve Stratejik Yat\u0131r\u0131mlar \u00d6n Planda<br \/>\nKoza Polyester, zorlu k\u00fcresel ekonomik ko\u015fullara ra\u011fmen 2025 y\u0131l\u0131nda \u00fcretim hacmini %6,58 art\u0131rarak 116.564 tona ula\u015ft\u0131rd\u0131 ve T\u00fcrkiye\u2019nin polyester elyaf ihtiyac\u0131n\u0131n %10\u2019unu tek ba\u015f\u0131na kar\u015f\u0131lad\u0131. Sat\u0131\u015f has\u0131lat\u0131n\u0131 5,4 milyar TL\u2019nin \u00fczerine ta\u015f\u0131yan \u015firket, operasyonel verimlili\u011fini art\u0131r\u0131rken s\u00fcrd\u00fcr\u00fclebilirlik vizyonu do\u011frultusunda S\u00fcrd\u00fcr\u00fclebilirlik Komitesi\u2019ni hayata ge\u00e7irdi. Finansman giderlerindeki art\u0131\u015fa ra\u011fmen g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131n\u0131 koruyan Koza Polyester, 17 milyar TL\u2019lik yeni sermaye tavan\u0131 ve ye\u015fil d\u00f6n\u00fc\u015f\u00fcm projeleriyle 2026 y\u0131l\u0131na daha g\u00fc\u00e7l\u00fc bir giri\u015f yapmay\u0131 hedefliyor. Finansal tablolar\u0131n detaylar\u0131 ve gelecek vizyonumuza dair t\u00fcm ayr\u0131nt\u0131lar yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":4,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[60],"class_list":["post-1668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-kopol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1668","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1668"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1668\/revisions"}],"predecessor-version":[{"id":1674,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1668\/revisions\/1674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1297"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}