{"id":1948,"date":"2026-03-18T02:28:44","date_gmt":"2026-03-17T23:28:44","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1948"},"modified":"2026-03-18T02:39:05","modified_gmt":"2026-03-17T23:39:05","slug":"alark-bilano-analizi-202512-alarko-holding-as","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1948","title":{"rendered":"\ud83d\udd34 ALARK Bilan\u00e7o Analizi 2025\/12 | Alarko Holding AS"},"content":{"rendered":"<p><iframe title=\"Spotify Embed: \ud83d\udd34 ALARK Bilan\u00e7o Analizi 2025\/12 | Alarko Holding AS\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4nV63R5Qcl5agiHQzAFhIY?utm_source=oembed\"><\/iframe><\/p>\n<h1>Alarko Holding A.\u015e. 31 Aral\u0131k 2025 D\u00f6nemi Konsolide Finansal Raporu Brifing Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Alarko Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Topluluk&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131n\u0131n ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunun kapsaml\u0131 bir sentezidir.<\/p>\n<p>BDO Denet Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan haz\u0131rlanan rapor, Topluluk\u2019un finansal durumunu t\u00fcm \u00f6nemli y\u00f6nleriyle T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun ve ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu y\u00f6n\u00fcnde <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir. 2025 y\u0131l\u0131, Topluluk i\u00e7in y\u00fcksek enflasyon d\u00fczeltmelerinin (TMS 29) uyguland\u0131\u011f\u0131, stratejik sekt\u00f6rlerde geni\u015flemenin s\u00fcrd\u00fc\u011f\u00fc ancak net d\u00f6nem baz\u0131nda bir zarar tablosunun olu\u015ftu\u011fu bir y\u0131l olmu\u015ftur.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Net Performans:<\/b> Topluluk, 2024 y\u0131l\u0131ndaki 3.233.271 bin TL&#8217;lik k\u00e2r\u0131n ard\u0131ndan, 2025 y\u0131l\u0131n\u0131 1.569.017 bin TL <b>net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r.<\/li>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar 125.613.521 bin TL seviyesinde olup, \u00f6zkaynaklar 80.404.836 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 uyar\u0131nca 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Sekt\u00f6rel Geni\u015fleme:<\/b> Taahh\u00fct ve enerjinin yan\u0131 s\u0131ra tar\u0131m ve havac\u0131l\u0131k sekt\u00f6rlerinde yeni yat\u0131r\u0131mlar ve ba\u011fl\u0131 ortakl\u0131k yap\u0131land\u0131rmalar\u0131 dikkat \u00e7ekmektedir.<\/li>\n<\/ul>\n<h2>1. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve Kapsam\u0131<\/h2>\n<p>BDO Denet taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri ve T\u00fcrkiye Denetim Standartlar\u0131 \u00e7er\u00e7evesinde ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<h3>1.1. Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, Alarko Holding&#8217;in 31 Aral\u0131k 2025 tarihli konsolide finansal durum tablosu ile ayn\u0131 tarihte sona eren d\u00f6neme ait performans ve nakit ak\u0131\u015flar\u0131n\u0131n, TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funu belirtmi\u015ftir.<\/p>\n<h3>1.2. Kilit Denetim Konular\u0131<\/h3>\n<p>Denetim s\u00fcrecinde mesleki muhakemeye g\u00f6re en \u00e7ok \u00f6nem arz eden iki temel konu belirlenmi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kilit Denetim Konusu<\/td>\n<td>Neden \u00d6nem Arz Ediyor?<\/td>\n<td>Denetim Prosed\u00fcrleri<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat\u0131n Kaydedilmesi<\/b><\/td>\n<td>\u0130n\u015faat ve taahh\u00fct projelerinde &#8220;tamamlanma y\u00fczdesi&#8221; y\u00f6nteminin kullan\u0131lmas\u0131, toplam maliyet tahminleri ve karma\u015f\u0131k varsay\u0131mlar i\u00e7ermesi.<\/td>\n<td>Y\u00f6netim kontrollerinin testi, analitik incelemeler, \u00f6rneklem bazl\u0131 fatura kontrolleri ve in\u015faat projelerinde maliyet tahminlerinin makull\u00fc\u011f\u00fcn\u00fcn de\u011ferlendirilmesi.<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkullerin De\u011ferlemesi<\/b><\/td>\n<td>Bu varl\u0131klar\u0131n toplam varl\u0131klar i\u00e7inde \u00f6nemli bir paya sahip olmas\u0131 ve de\u011ferlemenin SPK yetkili kurulu\u015flar\u0131nca yap\u0131lan \u00f6nemli tahminlere dayanmas\u0131.<\/td>\n<td>De\u011ferleme kurulu\u015flar\u0131n\u0131n ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n\u0131n ve yeterlili\u011finin de\u011ferlendirilmesi, kullan\u0131lan y\u00f6ntem ve varsay\u0131mlar\u0131n uzmanlar arac\u0131l\u0131\u011f\u0131yla testi.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Durum ve Performans Analizi<\/h2>\n<p>Topluluk&#8217;un finansal sonu\u00e7lar\u0131, y\u00fcksek enflasyon d\u00fczeltmeleri nedeniyle 2024 y\u0131l\u0131 verileriyle yeniden d\u00fczenlenmi\u015f bazda kar\u015f\u0131la\u015ft\u0131r\u0131lmaktad\u0131r.<\/p>\n<h3>2.1. Konsolide Kar veya Zarar \u00d6zeti (Bin TL)<\/h3>\n<p>2025 y\u0131l\u0131 sonu\u00e7lar\u0131, operasyonel karl\u0131l\u0131kta bir daralma ve finansman giderlerinde art\u0131\u015f g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 8.669.090 (2024: 9.945.559)<\/li>\n<li><b>Br\u00fct Kar:<\/b> 174.929 (2024: 424.554)<\/li>\n<li><b>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131):<\/b> (1.130.373) (2024: (494.588) zarar)<\/li>\n<li><b>D\u00f6nem Kar\u0131 \/ (Zarar\u0131):<\/b> (1.569.017) (2024: 3.233.271 k\u00e2r)<\/li>\n<\/ul>\n<h3>2.2. Finansal Durum Tablosu (Bin TL)<\/h3>\n<p>Varl\u0131k ve kaynak yap\u0131s\u0131ndaki de\u011fi\u015fimler Topluluk&#8217;un yat\u0131r\u0131m stratejisini yans\u0131tmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024 (Yeniden D\u00fczenlenmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>125.613.521<\/td>\n<td>122.956.401<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>21.834.225<\/td>\n<td>25.445.225<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>103.779.296<\/td>\n<td>97.511.176<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>26.537.228<\/td>\n<td>24.913.215<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>18.671.457<\/td>\n<td>13.352.467<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>80.404.836<\/td>\n<td>84.690.719<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.3. Nakit Ak\u0131\u015f\u0131 ve Likidite<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden 1.159.807 bin TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 13.835.729 bin TL nakit \u00e7\u0131k\u0131\u015f\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nem Sonu Nakit:<\/b> Nakit ve nakit benzerleri 7.648.788 bin TL seviyesindedir (2024: 11.435.375 bin TL).<\/li>\n<\/ul>\n<h2>3. Organizasyonel Yap\u0131 ve Faaliyet Alanlar\u0131<\/h2>\n<p>Alarko Holding, 1972 y\u0131l\u0131nda kurulmu\u015f olup geni\u015f bir yelpazede faaliyet g\u00f6stermektedir. 31 Aral\u0131k 2025 itibar\u0131yla Topluluk b\u00fcnyesinde ortalama <b>5.983 personel<\/b> \u00e7al\u0131\u015fmaktad\u0131r.<\/p>\n<h3>3.1. Ana Faaliyet Sekt\u00f6rleri<\/h3>\n<ul>\n<li>Taahh\u00fct ve \u0130n\u015faat<\/li>\n<li>Sanayi ve Ticaret<\/li>\n<li>Enerji (\u00dcretim, Da\u011f\u0131t\u0131m, Perakende ve Depolama)<\/li>\n<li>Gayrimenkul ve Turizm<\/li>\n<li>Tar\u0131m ve G\u0131da (Jeotermal Serac\u0131l\u0131k, G\u00fcbre ve Tohum Islah\u0131)<\/li>\n<li>Havac\u0131l\u0131k ve Bilgi Teknolojileri<\/li>\n<\/ul>\n<h3>3.2. \u00d6nemli Ba\u011fl\u0131 Ortakl\u0131k ve \u0130\u015ftirak Geli\u015fmeleri<\/h3>\n<ul>\n<li><b>Tar\u0131m:<\/b> Alarko Tar\u0131m Sanayi ve Ticaret A.\u015e., \u0130peks Jeotermal Enerji&#8217;deki pay\u0131n\u0131 %49&#8217;dan %75&#8217;e \u00e7\u0131kararak kontrol\u00fc ele alm\u0131\u015ft\u0131r. Ayr\u0131ca bir\u00e7ok tar\u0131m \u015firketi (Samdi, Jedi, Mekredi) Nata Tar\u0131m b\u00fcnyesinde birle\u015fmi\u015ftir.<\/li>\n<li><b>Enerji:<\/b> Alarko Gotion Green Energy ile enerji depolama sistemleri \u00fcretimine y\u00f6nelik yeni bir yap\u0131land\u0131rmaya gidilmi\u015ftir.<\/li>\n<li><b>Havac\u0131l\u0131k:<\/b> Alfor Aviation (\u0130ngiltere) ve Alfor Havac\u0131l\u0131k (T\u00fcrkiye) %51 pay ile konsolidasyona dahil edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. \u00d6nemli Muhasebe Politikalar\u0131 ve Tahminler<\/h2>\n<h3>4.1. Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>KGK&#8217;n\u0131n 23 Kas\u0131m 2023 tarihli duyurusu uyar\u0131nca, y\u00fcksek enflasyonlu ekonomi kapsam\u0131nda finansal tablolar T\u00dcFE endeksleri kullan\u0131larak d\u00fczeltilmi\u015ftir.<\/p>\n<ul>\n<li><b>2025 Katsay\u0131s\u0131:<\/b> 1,00000<\/li>\n<li><b>2024 Katsay\u0131s\u0131:<\/b> 1,30892<\/li>\n<\/ul>\n<h3>4.2. Ge\u00e7mi\u015f D\u00f6nem D\u00fczeltmeleri (TMS 8)<\/h3>\n<p>2024 y\u0131l\u0131 finansal tablolar\u0131nda, yurtd\u0131\u015f\u0131 ba\u011fl\u0131 ortakl\u0131klara ili\u015fkin yat\u0131r\u0131m tutarlar\u0131n\u0131n TMS 29 uyar\u0131nca parasal kazan\u00e7\/kay\u0131p kalemine do\u011fru yans\u0131t\u0131lmamas\u0131 nedeniyle geriye d\u00f6n\u00fck d\u00fczeltmeler yap\u0131lm\u0131\u015ft\u0131r. Bu d\u00fczeltme sonucunda 2024 y\u0131l\u0131 net d\u00f6nem k\u00e2r\u0131 494.316 bin TL art\u0131r\u0131larak yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<h3>4.3. Gayrimenkul De\u011ferlemesi ve Has\u0131lat<\/h3>\n<ul>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> Piyasa de\u011feri bazl\u0131 &#8220;ger\u00e7e\u011fe uygun de\u011fer&#8221; y\u00f6ntemiyle izlenmektedir.<\/li>\n<li><b>Has\u0131lat:<\/b> TFRS 15 uyar\u0131nca, kontrol\u00fcn m\u00fc\u015fteriye devredilmesiyle muhasebele\u015ftirilmektedir. \u0130n\u015faat s\u00f6zle\u015fmelerinde &#8220;tamamlanma y\u00fczdesi&#8221; esast\u0131r.<\/li>\n<\/ul>\n<h2>5. Risk Y\u00f6netimi ve Mevzuata Uygunluk<\/h2>\n<ul>\n<li><b>T\u00fcrk Ticaret Kanunu (TTK):<\/b> Denet\u00e7i raporuna g\u00f6re, Topluluk&#8217;un defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine uygun olmad\u0131\u011f\u0131na dair \u00f6nemli bir hususa rastlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131:<\/b> \u0130lgili rapor 10 Mart 2026 tarihinde Y\u00f6netim Kurulu\u2019na sunulmu\u015ftur.<\/li>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Finansal tablolar, Topluluk\u2019un faaliyetlerini do\u011fal ak\u0131\u015f\u0131nda s\u00fcrd\u00fcrece\u011fi varsay\u0131m\u0131 alt\u0131nda haz\u0131rlanm\u0131\u015ft\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<p><i>Bu belge, Alarko Holding A.\u015e.&#8217;nin 31.12.2025 tarihli resmi finansal rapor \u00f6zetidir.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1948\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Alarko Holding 2025 Finansal Analizi: Yat\u0131r\u0131m Odakl\u0131 Bir Ge\u00e7i\u015f Y\u0131l\u0131<br \/>\nAlarko Holding, 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. Enflasyon muhasebesinin (TMS 29) etkilerinin belirgin \u015fekilde hissedildi\u011fi raporlarda, Holdingin toplam varl\u0131klar\u0131n\u0131 125,6 milyar TL seviyesine \u00e7\u0131kard\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor<br \/>\n.<br \/>\nY\u0131l\u0131 ana ortakl\u0131k baz\u0131nda 1,22 milyar TL net zarar ile kapatan Alarko, bu d\u00f6nemde \u00f6zellikle tar\u0131m ve enerji sekt\u00f6rlerindeki stratejik hamleleriyle dikkat \u00e7ekti<br \/>\n. Alarko Tar\u0131m b\u00fcnyesinde ger\u00e7ekle\u015ftirilen yeni sat\u0131n almalar ve kapasite art\u0131\u015flar\u0131, \u015firketin g\u0131da arz g\u00fcvenli\u011fi ve serac\u0131l\u0131k alan\u0131ndaki vizyonunu peki\u015ftiriyor<br \/>\n.<br \/>\nEnerji sekt\u00f6r\u00fcndeki g\u00fc\u00e7l\u00fc konumunu koruyan ve turizm gelirlerinde istikrar\u0131 yakalayan Holding, 2025&#8217;i bir yat\u0131r\u0131m ve d\u00f6n\u00fc\u015f\u00fcm y\u0131l\u0131 olarak geride b\u0131rakt\u0131<br \/>\n. Yakla\u015f\u0131k 13,8 milyar TL\u2019lik duran varl\u0131k yat\u0131r\u0131m\u0131, gelece\u011fe y\u00f6nelik b\u00fcy\u00fcme beklentilerinin en somut g\u00f6stergesi niteli\u011finde<br \/>\n. Alarko&#8217;nun yeni d\u00f6nemde odaklanaca\u011f\u0131 portf\u00f6y \u00e7e\u015fitlendirme stratejileri, yat\u0131r\u0131mc\u0131lar taraf\u0131ndan yak\u0131ndan takip edilmeye devam edecek.<\/p>\n","protected":false},"author":9,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[309],"class_list":["post-1948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-alark"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1948","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1948"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1948\/revisions"}],"predecessor-version":[{"id":1955,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1948\/revisions\/1955"}],"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=1948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}