{"id":178,"date":"2025-12-19T15:38:15","date_gmt":"2025-12-19T12:38:15","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=178"},"modified":"2025-12-19T15:38:15","modified_gmt":"2025-12-19T12:38:15","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tukas-tukas-gida-2025-9-bilanco-analizi-patates-devrimi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/178","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TUKAS | Tuka\u015f G\u0131da 2025\/9 Bilan\u00e7o Analizi | Patates Devrimi \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TUKAS | Tuka\u015f G\u0131da 2025\/9 Bilan\u00e7o Analizi | Patates Devrimi \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/62AW77aAEPc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Rakamlar\u0131n Ard\u0131ndaki Dev Strateji: Tuka\u015f Raporundan 4 Kritik Sinyal<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>\u015eirketlerin \u00fc\u00e7 ayl\u0131k faaliyet raporlar\u0131 genellikle rakamlar, tablolar ve yasal bildirimlerle dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak bilinir. Ancak bu yo\u011fun verilerin ard\u0131nda, bazen bir \u015firketin stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc, cesur ad\u0131mlar\u0131n\u0131 ve gelece\u011fe y\u00f6nelik h\u0131rslar\u0131n\u0131 anlatan s\u00fcr\u00fckleyici bir hikaye gizlidir.<\/p>\n<p>Tuka\u015f G\u0131da&#8217;n\u0131n 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek raporlar\u0131, tam da b\u00f6yle bir hikayenin en \u00e7arp\u0131c\u0131 \u00f6rneklerinden birini sunuyor. \u0130lk bak\u0131\u015fta s\u0131radan g\u00f6r\u00fcnen bu belgeler, dikkatle incelendi\u011finde \u015firketin sadece b\u00fcy\u00fcmekle kalmay\u0131p, ayn\u0131 zamanda end\u00fcstriyel bir devrime haz\u0131rland\u0131\u011f\u0131n\u0131 g\u00f6steriyor. \u0130\u015fte o rakamlar\u0131n aras\u0131na gizlenmi\u015f en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili d\u00f6rt kritik sinyal.<\/p>\n<h3>1. Patates Devrimi: Tuka\u015f&#8217;\u0131n Milyar Liral\u0131k Yeni Hamlesi<\/h3>\n<p>Raporlarda \u00f6ne \u00e7\u0131kan en \u00f6nemli geli\u015fmelerden biri, Ni\u011fde&#8217;de yap\u0131lan devasa yeni yat\u0131r\u0131m. \u015eirket, <b>3,4 milyar TL<\/b>&#8216;lik bir yat\u0131r\u0131m te\u015fvik belgesi kapsam\u0131nda kurdu\u011fu dondurulmu\u015f patates \u00fcretim hatt\u0131nda 10 Eyl\u00fcl 2025 itibar\u0131yla seri \u00fcretime ba\u015flad\u0131. Bu, Tuka\u015f&#8217;\u0131n sadece mevcut operasyonlar\u0131n\u0131 geni\u015fletmekle kalmay\u0131p, tamamen yeni ve b\u00fcy\u00fck bir pazara iddial\u0131 bir giri\u015f yapt\u0131\u011f\u0131n\u0131n en net kan\u0131t\u0131.<\/p>\n<p>Operasyonun \u00f6l\u00e7e\u011fi, \u015firketin vizyonunu a\u00e7\u0131k\u00e7a ortaya koyuyor:<\/p>\n<ul>\n<li><b>Y\u0131ll\u0131k Kapasite:<\/b> 120.000 ton dondurulmu\u015f patates ve 8.000 ton patates unu.<\/li>\n<li><b>G\u00fcnl\u00fck \u0130\u015fleme:<\/b> 700 ton ham patates i\u015flenerek 360 ton bitmi\u015f \u00fcr\u00fcn elde edilecek.<\/li>\n<\/ul>\n<p>Bu hamle, Tuka\u015f&#8217;\u0131n g\u0131da sekt\u00f6r\u00fcnde oyunun kurallar\u0131n\u0131 de\u011fi\u015ftirmeye haz\u0131rland\u0131\u011f\u0131n\u0131 ve agresif b\u00fcy\u00fcme hedeflerini somut ad\u0131mlarla destekledi\u011fini g\u00f6steren g\u00fc\u00e7l\u00fc bir sinyal.<\/p>\n<h3>2. K\u00e2r Patlamas\u0131n\u0131n S\u0131rr\u0131: Sat\u0131\u015flar Artmazken K\u00e2rl\u0131l\u0131k Nas\u0131l U\u00e7tu?<\/h3>\n<p>Raporun en \u015fa\u015f\u0131rt\u0131c\u0131 bulgular\u0131ndan biri de sat\u0131\u015f gelirleri ve k\u00e2rl\u0131l\u0131k aras\u0131ndaki dikkat \u00e7ekici ayr\u0131\u015fma. Sat\u0131\u015f gelirleri ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k %5 gibi m\u00fctevaz\u0131 bir art\u0131\u015f g\u00f6stererek 6,1 milyar TL&#8217;den 6,4 milyar TL&#8217;ye \u00e7\u0131karken, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131 adeta patlama ya\u015fad\u0131.<\/p>\n<p>Rakamlar, bu ola\u011fan\u00fcst\u00fc verimlilik art\u0131\u015f\u0131n\u0131 net bir \u015fekilde ortaya koyuyor:<\/p>\n<ul>\n<li><b>Faaliyet K\u00e2r\u0131:<\/b> Yakla\u015f\u0131k %166 artarak 595 milyon TL&#8217;den 1,6 milyar TL&#8217;ye f\u0131rlad\u0131.<\/li>\n<li><b>D\u00f6nem K\u00e2r\u0131:<\/b> Yakla\u015f\u0131k %91 art\u0131\u015fla 573 milyon TL&#8217;den 1,1 milyar TL&#8217;ye ula\u015ft\u0131.<\/li>\n<li><b>Faaliyet K\u00e2r Marj\u0131:<\/b> %9,75&#8217;ten %24,67&#8217;ye f\u0131rlayarak inan\u0131lmaz bir s\u0131\u00e7rama g\u00f6sterdi.<\/li>\n<\/ul>\n<p>Bu dramatik iyile\u015fme sadece verimlilikle ilgili de\u011fil, ayn\u0131 zamanda bir maliyet kontrol\u00fc ustal\u0131\u011f\u0131yd\u0131. Veriler as\u0131l s\u0131rr\u0131 ortaya koyuyor: Gelirler %5 artarken, <b>Sat\u0131\u015flar\u0131n Maliyeti <\/b><i><b>fiilen d\u00fc\u015ferek<\/b><\/i> 4,79 milyar TL&#8217;den 4,70 milyar TL&#8217;ye geriledi. \u00dcretime daha az harcarken daha fazla satma yetene\u011fi, k\u00e2rl\u0131l\u0131ktaki bu patlay\u0131c\u0131 b\u00fcy\u00fcmenin motoru ve \u015firketin operasyonel g\u00fcc\u00fcn\u00fcn en somut kan\u0131t\u0131d\u0131r.<\/p>\n<h3>3. Stratejik Stok Y\u0131\u011f\u0131n\u0131: 7 Milyar Liraya Yakla\u015fan Devasa Risk mi, F\u0131rsat m\u0131?<\/h3>\n<p>Finansal durum tablosunda dikkat \u00e7eken bir di\u011fer kritik nokta ise stok seviyelerindeki devasa art\u0131\u015f. \u015eirketin stoklar\u0131, 2024 sonunda <b>4,6 milyar TL<\/b> seviyesindeyken, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>6,9 milyar TL<\/b>&#8216;ye ula\u015ft\u0131.<\/p>\n<p>Faaliyet raporu, bu devasa birikime dair \u00f6nemli bir ipucu sunuyor: raporda &#8216;tur\u015fu&#8217; ve &#8216;konserve m\u0131s\u0131r&#8217; \u00fcretimi i\u00e7in yap\u0131lan hammadde stoklamas\u0131n\u0131n, mevsimlik i\u015f\u00e7i say\u0131s\u0131nda b\u00fcy\u00fck bir art\u0131\u015f\u0131 gerektirecek kadar \u00f6nemli oldu\u011fu belirtiliyor. Bu, finansal rakam\u0131n arkas\u0131ndaki operasyonel \u00f6l\u00e7e\u011fe i\u015faret ediyor. Neredeyse 7 milyar TL&#8217;lik bir stoku y\u00f6netmek, \u00f6nemli miktarda sermayeyi ba\u011flamak anlam\u0131na gelse de bu cesur hamle, gelecekteki hammadde fiyat art\u0131\u015flar\u0131na veya olas\u0131 tedarik zinciri sorunlar\u0131na kar\u015f\u0131 al\u0131nm\u0131\u015f stratejik bir \u00f6nlem olabilir. Tuka\u015f, bu ad\u0131m\u0131yla potansiyel riskleri bir f\u0131rsata \u00e7evirme yolunda \u00f6nemli bir kumar oynuyor.<\/p>\n<h3>4. \u015eirketin G\u00f6r\u00fcnmez Ordusu: Mevsimlik \u00c7al\u0131\u015fan Ger\u00e7e\u011fi<\/h3>\n<p>Raporlar\u0131n personel b\u00f6l\u00fcm\u00fc, \u015firketin operasyonel yap\u0131s\u0131yla ilgili belki de en \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7e\u011fi ortaya koyuyor. 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda ortalama mevsimlik \u00e7al\u0131\u015fan say\u0131s\u0131 (<b>1.069<\/b>) \u015firketin kadrolu beyaz yakal\u0131 (<b>176<\/b>) ve mavi yakal\u0131 (<b>396<\/b>) \u00e7al\u0131\u015fanlar\u0131n\u0131n toplam\u0131ndan \u00e7ok daha y\u00fcksek.<\/p>\n<p>Dahas\u0131, mevsimlik i\u015f\u00e7i say\u0131s\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki ortalama 657 ki\u015fiye k\u0131yasla %62&#8217;lik dikkat \u00e7ekici bir art\u0131\u015f g\u00f6stermi\u015f. Bu istatistik, Tuka\u015f gibi tar\u0131msal g\u0131da \u00fcreticilerinin temel operasyonel dinami\u011fini g\u00f6zler \u00f6n\u00fcne seriyor. \u015eirketin \u00fcretim g\u00fcc\u00fc, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde hasat d\u00f6ng\u00fclerine ba\u011fl\u0131 olarak \u00e7al\u0131\u015fan, esnek ve devasa bir &#8220;g\u00f6r\u00fcnmez orduya&#8221; dayan\u0131yor. Bu yap\u0131, \u015firketin talebin zirve yapt\u0131\u011f\u0131 d\u00f6nemlerde \u00fcretim kapasitesini h\u0131zla art\u0131rabilmesini sa\u011fl\u0131yor.<\/p>\n<h3>Sonu\u00e7: B\u00fcy\u00fcmenin \u00d6tesinde Bir D\u00f6n\u00fc\u015f\u00fcm<\/h3>\n<p>Tuka\u015f&#8217;\u0131n 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek raporlar\u0131, \u015firketin sadece rakamsal olarak b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc de\u011fil, ayn\u0131 zamanda temel bir stratejik d\u00f6n\u00fc\u015f\u00fcm ge\u00e7irdi\u011fini g\u00f6steriyor. Dev yat\u0131r\u0131mlar, ola\u011fan\u00fcst\u00fc verimlilik art\u0131\u015flar\u0131, cesur tedarik zinciri y\u00f6netimi ve esnek i\u015f g\u00fcc\u00fc yap\u0131s\u0131, Tuka\u015f&#8217;\u0131n gelece\u011fe y\u00f6nelik vizyonunu ve kararl\u0131l\u0131\u011f\u0131n\u0131 ortaya koyan g\u00fc\u00e7l\u00fc i\u015faretler.<\/p>\n<p>Peki, Tuka\u015f&#8217;\u0131n bu cesur ad\u0131mlar\u0131 onu g\u0131da sekt\u00f6r\u00fcnde yeni bir lige ta\u015f\u0131yacak m\u0131, yoksa bu agresif b\u00fcy\u00fcme beraberinde yeni riskleri de getiriyor mu?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Tuka\u015f G\u0131da San. ve Tic. A.\u015e. 01.01.2025 &#8211; 30.09.2025 D\u00f6nemi Bilgilendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu rapor, Tuka\u015f G\u0131da Sanayi ve Ticaret A.\u015e.&#8217;nin 1 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemine ait faaliyetlerini ve finansal performans\u0131n\u0131 \u00f6zetlemektedir. \u015eirket, bu d\u00f6nemde hem operasyonel hem de finansal alanda \u00f6nemli ad\u0131mlar atm\u0131\u015ft\u0131r.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>G\u00fc\u00e7l\u00fc Finansal Performans:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda sat\u0131\u015f gelirlerini 6,43 milyar TL&#8217;ye \u00e7\u0131kar\u0131rken, faaliyet k\u00e2r\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %166 art\u0131\u015fla 595 milyon TL&#8217;den 1,59 milyar TL&#8217;ye y\u00fckseltmi\u015ftir. Net d\u00f6nem k\u00e2r\u0131 ise %91 art\u0131\u015fla 573 milyon TL&#8217;den 1,1 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Faaliyet k\u00e2r marj\u0131 %15,32&#8217;den %24,67&#8217;ye y\u00fckselerek k\u00e2rl\u0131l\u0131kta belirgin bir iyile\u015fme g\u00f6stermi\u015ftir.<\/li>\n<li><b>Stratejik Yat\u0131r\u0131m\u0131n Devreye Girmesi:<\/b> Ni\u011fde&#8217;de 3,4 milyar TL yat\u0131r\u0131m te\u015fvik belgesi kapsam\u0131nda in\u015fa edilen dondurulmu\u015f patates \u00fcretim hatt\u0131, 10 Eyl\u00fcl 2025 tarihinde seri \u00fcretime ba\u015flam\u0131\u015ft\u0131r. Y\u0131ll\u0131k 120.000 ton dondurulmu\u015f patates ve 8.000 ton patates unu kapasitesine sahip bu tesis, \u015firketin b\u00fcy\u00fcme stratejisinin en \u00f6nemli aya\u011f\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131n\u0131n G\u00fc\u00e7lendirilmesi:<\/b> \u015eirket, \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 1,47 milyar TL&#8217;den bedelsiz art\u0131r\u0131mla 4,5 milyar TL&#8217;ye y\u00fckseltmi\u015ftir. Bu i\u015flem, SPK taraf\u0131ndan 31 Ocak 2025&#8217;te onaylanm\u0131\u015f ve 10 \u015eubat 2025&#8217;te tescil edilmi\u015ftir. Ayr\u0131ca, %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Tuka\u015f D\u0131\u015f Ticaret A.\u015e. ile birle\u015fme i\u015flemi tamamlanarak kurumsal yap\u0131 sadele\u015ftirilmi\u015ftir.<\/li>\n<li><b>B\u00fcy\u00fcyen Bilan\u00e7o ve Bor\u00e7lanma:<\/b> Toplam varl\u0131klar, 2024 sonuna g\u00f6re %25 artarak 20 milyar TL&#8217;den 25,1 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu b\u00fcy\u00fcme, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Ni\u011fde yat\u0131r\u0131m\u0131 kaynakl\u0131 maddi duran varl\u0131k art\u0131\u015f\u0131 ve stoklardaki y\u00fckseli\u015ften kaynaklanmaktad\u0131r. Yat\u0131r\u0131mlar\u0131n finansman\u0131 i\u00e7in finansal bor\u00e7lar artm\u0131\u015f, Toplam Bor\u00e7lar\/\u00d6zkaynaklar oran\u0131 0,41&#8217;den 0,60&#8217;a \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Kur Riski:<\/b> \u015eirket, 30 Eyl\u00fcl 2025 itibar\u0131yla 4,74 milyar TL net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu ta\u015f\u0131maktad\u0131r. Bu pozisyon a\u011f\u0131rl\u0131kl\u0131 olarak Euro cinsindendir ve d\u00f6viz kurlar\u0131ndaki dalgalanmalara kar\u015f\u0131 \u00f6nemli bir risk te\u015fkil etmektedir.<\/li>\n<\/ul>\n<h2>1. Kurumsal ve Y\u00f6netimsel Yap\u0131<\/h2>\n<h3>Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla Y\u00f6netim Kurulu, 3 Haziran 2024 tarihinde \u00fc\u00e7 y\u0131l s\u00fcreyle ve 9 Nisan 2025 tarihinde bir y\u0131l s\u00fcreyle se\u00e7ilen \u00fcyelerden olu\u015fmaktad\u0131r. G\u00f6rev da\u011f\u0131l\u0131m\u0131 ve komite \u00fcyelikleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 ve Soyad\u0131<\/td>\n<td>Unvan\u0131<\/td>\n<td>G\u00f6rev Ba\u015flang\u0131c\u0131 ve S\u00fcresi<\/td>\n<\/tr>\n<tr>\n<td>Cem OKULLU<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>03.06.2024 &#8211; 3 Y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Mehmet OKULLU<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>03.06.2024 &#8211; 3 Y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Semih \u00d6ZG\u00d6REN<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>03.06.2024 &#8211; 3 Y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>G\u00fcl Sa\u011f\u0131r AYDIN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>09.04.2025 &#8211; 1 Y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Serdar Muharrem BAYRAKTUTAN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>09.04.2025 &#8211; 1 Y\u0131l<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Y\u00f6netim Kurulu Komiteleri (09.04.2025 itibar\u0131yla):<\/b><\/p>\n<ul>\n<li><b>Denetimden Sorumlu Komite:<\/b> Serdar Muharrem BAYRAKTUTAN (Ba\u015fkan), G\u00fcl Sa\u011f\u0131r AYDIN (\u00dcye).<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> G\u00fcl Sa\u011f\u0131r AYDIN (Ba\u015fkan), Serdar Muharrem BAYRAKTUTAN (\u00dcye), Senem TOKO\u011eLU (\u00dcye).<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Serdar Muharrem BAYRAKTUTAN (Ba\u015fkan), G\u00fcl Sa\u011f\u0131r AYDIN (\u00dcye).<\/li>\n<\/ul>\n<h3>Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131 ve \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 4.500.000.000 TL&#8217;dir. \u00c7\u0131kar\u0131lm\u0131\u015f sermaye, 1.472.310.000 TL&#8217;den 3.027.690.000 TL art\u0131r\u0131larak bu seviyeye ula\u015fm\u0131\u015ft\u0131r. Bu i\u015flem Sermaye Piyasas\u0131 Kurulu (SPK) taraf\u0131ndan 31.01.2025&#8217;te onaylanm\u0131\u015f ve 10.02.2025&#8217;te tescil edilmi\u015ftir. \u015eirket sermayesinde imtiyazl\u0131 pay bulunmamaktad\u0131r.<\/p>\n<p><b>30.09.2025 \u0130tibar\u0131yla Ortakl\u0131k Yap\u0131s\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<td>Oy Hakk\u0131 Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>ADRA HOLD\u0130NG A.\u015e.<\/td>\n<td>1.800.000.000,47<\/td>\n<td>40<\/td>\n<td>40<\/td>\n<\/tr>\n<tr>\n<td>HALKA A\u00c7IK KISIM<\/td>\n<td>2.699.999.999,53<\/td>\n<td>60<\/td>\n<td>60<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>4.500.000.000,00<\/b><\/td>\n<td><b>100<\/b><\/td>\n<td><b>100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n<p>\u015eirketin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Tuka\u015f D\u0131\u015f Ticaret A.\u015e. ile devralma suretiyle birle\u015fme i\u015flemi, SPK&#8217;n\u0131n 27.02.2025 tarihli onay\u0131 sonras\u0131 04.03.2025&#8217;te tescil edilmi\u015ftir. Bu tarih itibar\u0131yla \u015eirketin do\u011frudan veya dolayl\u0131 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 ya da i\u015ftiraki bulunmamaktad\u0131r.<\/p>\n<h2>2. Operasyonel Performans ve Yat\u0131r\u0131mlar<\/h2>\n<h3>\u00dcretim Tesisleri ve Kapasite<\/h3>\n<p>\u015eirket; Torbal\u0131 (\u0130zmir), Akhisar (Manisa), Manyas (Bal\u0131kesir) ve Bor (Ni\u011fde) olmak \u00fczere d\u00f6rt tesiste faaliyet g\u00f6stermektedir. Tesislerin toplam \u00fcretim kapasitesi <b>451.562 Ton\/Y\u0131l<\/b>&#8216;d\u0131r.<\/p>\n<ul>\n<li><b>Torbal\u0131 Tesisi (157.182 Ton\/Y\u0131l):<\/b> Sal\u00e7a, Konserve, Sos (Ket\u00e7ap-Mayonez), Re\u00e7el<\/li>\n<li><b>Akhisar Tesisi (64.036 Ton\/Y\u0131l):<\/b> Tur\u015fu, Konserve, Zeytin, K\u00f6zleme<\/li>\n<li><b>Manyas Tesisi (109.764 Ton\/Y\u0131l):<\/b> Sal\u00e7a, Konserve, Dondurulmu\u015f \u00dcr\u00fcn, K\u00f6zleme<\/li>\n<li><b>Bor Tesisi (120.580 Ton\/Y\u0131l):<\/b> Sal\u00e7a, Konserve, Dondurulmu\u015f Sebze<\/li>\n<\/ul>\n<h3>\u00dcretim ve Sat\u0131\u015f Miktarlar\u0131<\/h3>\n<p>01.01-30.09 d\u00f6nemleri aras\u0131 miktar baz\u0131nda \u00fcretim ve sat\u0131\u015flar a\u015fa\u011f\u0131daki gibidir:<\/p>\n<p><b>\u00dcretim Miktarlar\u0131 (Ton)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kategori<\/td>\n<td>30.09.2023<\/td>\n<td>30.09.2024<\/td>\n<td>30.09.2025<\/td>\n<\/tr>\n<tr>\n<td>Sal\u00e7a, Konserve<\/td>\n<td>97.907<\/td>\n<td>102.651<\/td>\n<td>98.230<\/td>\n<\/tr>\n<tr>\n<td>Sos, Re\u00e7el<\/td>\n<td>16.690<\/td>\n<td>22.905<\/td>\n<td>23.331<\/td>\n<\/tr>\n<tr>\n<td>Tur\u015fu<\/td>\n<td>29.334<\/td>\n<td>29.332<\/td>\n<td>30.284<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>1.786<\/td>\n<td>5.740<\/td>\n<td>13.910<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>145.987<\/b><\/td>\n<td><b>160.629<\/b><\/td>\n<td><b>165.755<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Sat\u0131\u015f Miktarlar\u0131 (Ton)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kategori<\/td>\n<td>30.09.2023<\/td>\n<td>30.09.2024<\/td>\n<td>30.09.2025<\/td>\n<\/tr>\n<tr>\n<td>Sal\u00e7a, Konserve<\/td>\n<td>86.425<\/td>\n<td>58.965<\/td>\n<td>73.675<\/td>\n<\/tr>\n<tr>\n<td>Sos, Re\u00e7el<\/td>\n<td>17.133<\/td>\n<td>17.656<\/td>\n<td>22.158<\/td>\n<\/tr>\n<tr>\n<td>Tur\u015fu<\/td>\n<td>27.710<\/td>\n<td>28.442<\/td>\n<td>23.398<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>821<\/td>\n<td>3.907<\/td>\n<td>30.486<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>132.089<\/b><\/td>\n<td><b>108.970<\/b><\/td>\n<td><b>149.717<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Stratejik Yat\u0131r\u0131mlar ve \u00d6nemli Geli\u015fmeler<\/h3>\n<ul>\n<li><b>Yat\u0131r\u0131m Harcamalar\u0131:<\/b> \u0130lgili d\u00f6nemde aktifle\u015ftirilen maddi duran varl\u0131k tutar\u0131 <b>1.827.435.707 TL<\/b>&#8216;dir. Devam etmekte olan yat\u0131r\u0131mlar\u0131n tutar\u0131 ise <b>1.789.248.102 TL<\/b> olup, b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc Ni\u011fde Fabrika yat\u0131r\u0131mlar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Ni\u011fde Dondurulmu\u015f Patates Hatt\u0131:<\/b> Ni\u011fde Bor Karma OSB&#8217;de 3,4 milyar TL yat\u0131r\u0131m te\u015fvik belgesi kapsam\u0131nda yap\u0131lan dondurulmu\u015f patates \u00fcretim hatt\u0131 tamamlanm\u0131\u015f ve <b>10 Eyl\u00fcl 2025<\/b> tarihinde seri \u00fcretime ba\u015flam\u0131\u015ft\u0131r.\n<ul>\n<li><b>Y\u0131ll\u0131k Kapasite:<\/b> 120.000 ton dondurulmu\u015f patates ve 8.000 ton patates unu.<\/li>\n<li><b>G\u00fcnl\u00fck \u0130\u015fleme:<\/b> 700 ton patates i\u015flenerek 360 ton bitmi\u015f \u00fcr\u00fcn ve 24 ton patates unu \u00fcretimi hedeflenmektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Bor\u00e7lanma Arac\u0131 \u0130hrac\u0131:<\/b> \u015eirket, yurt i\u00e7inde nitelikli yat\u0131r\u0131mc\u0131lara sat\u0131lmak \u00fczere 2 milyar TL&#8217;ye kadar bor\u00e7lanma arac\u0131 ihrac\u0131 i\u00e7in SPK&#8217;dan 15.05.2025 tarihinde onay alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Pay Geri Al\u0131m Program\u0131:<\/b> 8 Ekim 2024&#8217;te ba\u015flat\u0131lan pay geri al\u0131m program\u0131 7 Nisan 2025&#8217;te sonland\u0131r\u0131lm\u0131\u015ft\u0131r. Geri al\u0131nan 112.500.000 adet pay\u0131n tamam\u0131 22 Eyl\u00fcl 2025&#8217;te Borsa \u0130stanbul&#8217;da sat\u0131larak \u015firketin sermayesindeki geri al\u0131nm\u0131\u015f pay oran\u0131 s\u0131f\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Durum ve Performans Analizi<\/h2>\n<p><b>Not:<\/b> Finansal tablolar, T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) ve TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca, 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilerek sunulmu\u015ftur.<\/p>\n<h3>\u00d6zet Bilan\u00e7o (Finansal Durum Tablosu)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>31.12.2024<\/td>\n<td>30.09.2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>8.058.138.177<\/td>\n<td>11.753.352.559<\/td>\n<td>+45,9%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>11.951.571.027<\/td>\n<td>13.356.010.607<\/td>\n<td>+11,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>20.009.709.204<\/b><\/td>\n<td><b>25.109.363.166<\/b><\/td>\n<td><b>+25,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>4.140.150.242<\/td>\n<td>5.387.859.120<\/td>\n<td>+30,1%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.709.782.444<\/td>\n<td>4.057.253.806<\/td>\n<td>+137,3%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>14.159.776.518<\/b><\/td>\n<td><b>15.664.250.240<\/b><\/td>\n<td><b>+10,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>20.009.709.204<\/b><\/td>\n<td><b>25.109.363.166<\/b><\/td>\n<td><b>+25,5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bilan\u00e7o b\u00fcy\u00fcmesi, Ni\u011fde yat\u0131r\u0131mlar\u0131 nedeniyle duran varl\u0131klardaki art\u0131\u015f ve artan \u00fcretim\/sat\u0131\u015f faaliyetleri paralelinde stoklar (4,6 milyar TL&#8217;den 6,9 milyar TL&#8217;ye) ile ticari alacaklardaki y\u00fckseli\u015ften kaynaklanmaktad\u0131r. Uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki belirgin art\u0131\u015f, yat\u0131r\u0131m finansman\u0131 i\u00e7in kullan\u0131lan uzun vadeli kredileri yans\u0131tmaktad\u0131r.<\/p>\n<h3>\u00d6zet Gelir Tablosu<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>01.01-30.09.2024<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015f Gelirleri<\/td>\n<td>6.101.090.882<\/td>\n<td>6.426.864.195<\/td>\n<td>+5,3%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>1.305.377.406<\/td>\n<td>1.722.904.812<\/td>\n<td>+32,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>594.941.540<\/b><\/td>\n<td><b>1.585.486.559<\/b><\/td>\n<td><b>+166,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r\u0131<\/td>\n<td>184.716.612<\/td>\n<td>991.673.044<\/td>\n<td>+436,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>573.441.563<\/b><\/td>\n<td><b>1.096.808.104<\/b><\/td>\n<td><b>+91,3%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirketin k\u00e2rl\u0131l\u0131\u011f\u0131, maliyet kontrol\u00fc ve operasyonel verimlilik art\u0131\u015flar\u0131 sayesinde \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015fmi\u015ftir. \u00d6zellikle faaliyet k\u00e2r\u0131ndaki %166&#8217;l\u0131k art\u0131\u015f dikkat \u00e7ekicidir.<\/p>\n<h3>\u00d6nemli Finansal Oranlar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran (%)<\/td>\n<td>31.12.2024<\/td>\n<td>30.09.2025<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Kar Marj\u0131<\/td>\n<td>15,32<\/td>\n<td>24,67<\/td>\n<\/tr>\n<tr>\n<td>Net Kar Marj\u0131<\/td>\n<td>11,43<\/td>\n<td>17,07<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K Marj\u0131<\/td>\n<td>20,99<\/td>\n<td>31,12<\/td>\n<\/tr>\n<tr>\n<td>Toplam Bor\u00e7lar\/Toplam \u00d6zkaynaklar<\/td>\n<td>0,41<\/td>\n<td>0,60<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,95<\/td>\n<td>2,18<\/td>\n<\/tr>\n<tr>\n<td>Asit-Test Oran\u0131<\/td>\n<td>0,83<\/td>\n<td>0,89<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>K\u00e2rl\u0131l\u0131k marjlar\u0131 g\u00fc\u00e7l\u00fc bir \u015fekilde artarken, bor\u00e7luluk oran\u0131 yat\u0131r\u0131mlar nedeniyle y\u00fckselmi\u015ftir. Cari oran ve asit-test oran\u0131, \u015firketin k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kapasitesinin sa\u011fl\u0131kl\u0131 seviyelerde oldu\u011funu g\u00f6stermektedir.<\/p>\n<h3>Nakit Ak\u0131\u015f Analizi<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> <b>(603.428.524) TL<\/b>. Y\u00fcksek k\u00e2rl\u0131l\u0131\u011fa ra\u011fmen, \u00f6zellikle stoklardaki 2,3 milyar TL&#8217;lik art\u0131\u015f nedeniyle i\u015fletme faaliyetlerinden nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> <b>(1.714.972.617) TL<\/b>. Bu \u00e7\u0131k\u0131\u015f\u0131n b\u00fcy\u00fck k\u0131sm\u0131, maddi duran varl\u0131k al\u0131mlar\u0131ndan (1,76 milyar TL) kaynaklanmaktad\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> <b>2.484.777.555 TL<\/b>. Nakit \u00e7\u0131k\u0131\u015flar\u0131n\u0131 dengelemek i\u00e7in a\u011f\u0131rl\u0131kl\u0131 olarak bor\u00e7lanma (4,1 milyar TL) yoluyla finansman sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>4. Finansal Risk Y\u00f6netimi<\/h2>\n<h3>Sermaye ve Likidite Riski<\/h3>\n<p>\u015eirket, sermaye riskini Net Bor\u00e7 \/ Toplam \u00d6zkaynak oran\u0131 ile takip etmektedir. Bu oran, 31.12.2024&#8217;teki <b>0,38<\/b> seviyesinden, artan bor\u00e7lanma ile 30.09.2025&#8217;te <b>0,56<\/b>&#8216;ya y\u00fckselmi\u015ftir. Likidite oranlar\u0131 ise g\u00fc\u00e7l\u00fc kalmaya devam etmi\u015ftir.<\/p>\n<h3>Kur Riski<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla <b>(4.741.509.634) TL<\/b> net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu bulunmaktad\u0131r. Bu pozisyonun kompozisyonu \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Euro:<\/b> (98.559.802) EUR<\/li>\n<li><b>ABD Dolar\u0131:<\/b> 853.349 USD<\/li>\n<li><b>Japon Yeni:<\/b> 100.000.000 JPY<\/li>\n<\/ul>\n<p>Duyarl\u0131l\u0131k analizine g\u00f6re, d\u00f6viz kurlar\u0131n\u0131n TL kar\u015f\u0131s\u0131nda %20 de\u011fer kazanmas\u0131 durumunda, k\u00e2r\/zarar \u00fczerinde <b>(950.032.637) TL<\/b>&#8216;lik negatif bir etki olu\u015faca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir. Bu, \u015firketin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu en \u00f6nemli finansal risktir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"178\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Rakamlar\u0131n Ard\u0131ndaki Dev Strateji: Tuka\u015f Raporundan 4 Kritik Sinyal Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye \u015eirketlerin \u00fc\u00e7 ayl\u0131k faaliyet raporlar\u0131 genellikle rakamlar, tablolar ve yasal bildirimlerle dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak bilinir. Ancak bu yo\u011fun verilerin ard\u0131nda, bazen bir \u015firketin stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":188,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,34],"class_list":["post-178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-tukas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/178","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=178"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/178\/revisions"}],"predecessor-version":[{"id":189,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/178\/revisions\/189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/188"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}