{"id":2496,"date":"2026-06-09T07:43:42","date_gmt":"2026-06-09T04:43:42","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2496"},"modified":"2026-06-09T07:55:52","modified_gmt":"2026-06-09T04:55:52","slug":"tuprs-2026-03-bilano-analizi-tpra-trkiye-petrol-rafinerileri-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2496","title":{"rendered":"\ud83d\udd34 TUPRS 2026-03 Bilan\u00e7o Analizi | T\u00dcPRA\u015e – T\u00fcrkiye Petrol Rafinerileri A.\u015e."},"content":{"rendered":"

T\u00dcPRA\u015e 2026 B\u0130R\u0130NC\u0130 \u00c7EYREK F\u0130NANSAL VE OPERASYONEL ANAL\u0130Z B\u0130LG\u0130LEND\u0130RME DOK\u00dcMANI<\/h1>\n

Y\u00f6netici \u00d6zeti<\/h2>\n

Bu belge, T\u00fcrkiye Petrol Rafinerileri A.\u015e. (T\u00fcpra\u015f) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 1 Ocak – 31 Mart 2026 ara hesap d\u00f6nemine ait finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel verilerini sentezlemektedir. 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde Grup, y\u00fcksek enflasyon d\u00fczeltmesi (TMS 29) uygulanm\u0131\u015f rakamlarla 3,82 milyar TL<\/b> net d\u00f6nem k\u00e2r\u0131 elde etmi\u015ftir. Bu rakam, 2025 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemindeki 157,2 milyon TL\u2019lik k\u00e2ra oranla \u00f6nemli bir art\u0131\u015f\u0131 temsil etmektedir.<\/p>\n

D\u00f6nem i\u00e7inde 258,25 milyar TL<\/b> has\u0131lat elde edilmi\u015f, br\u00fct k\u00e2r ise \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %25 artarak 21,58 milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r. \u015eirketin \u00f6zkaynaklar\u0131, d\u00f6nem i\u00e7inde \u00f6denen 33 milyar TL<\/b> tutar\u0131ndaki kar pay\u0131n\u0131n (temett\u00fc) etkisiyle 31 Aral\u0131k 2025\u2019teki 407 milyar TL seviyesinden 360,08 milyar TL<\/b> seviyesine gerilemi\u015ftir. Finansal yap\u0131, s\u00fcrd\u00fcr\u00fclebilirlik ba\u011flant\u0131l\u0131 sendikasyon kredileri ve yeni tahvil ihra\u00e7lar\u0131 ile g\u00fc\u00e7lendirilmi\u015ftir.<\/p>\n

Kurumsal Yap\u0131 ve Faaliyet Konusu<\/h2>\n

T\u00fcpra\u015f, ham petrol ve petrol \u00fcr\u00fcnlerinin temini, rafinaj\u0131, depolanmas\u0131, ticareti ve ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 alanlar\u0131nda faaliyet g\u00f6steren entegre bir enerji grubudur. Grup\u2019un faaliyetleri \u00fc\u00e7 ana ba\u015fl\u0131kta toplanm\u0131\u015ft\u0131r:<\/p>\n

    \n
  1. Rafinaj Sekt\u00f6r\u00fc:<\/b> Ham petrol i\u015fleme ve petrol \u00fcr\u00fcnleri \u00fcretimi.<\/li>\n
  2. Petrol \u00dcr\u00fcnleri Ticaret ve Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131:<\/b> Dita\u015f ve ba\u011fl\u0131 ortakl\u0131klar\u0131 \u00fczerinden deniz ta\u015f\u0131mac\u0131l\u0131\u011f\u0131, K\u00f6rfez Ula\u015ft\u0131rma \u00fczerinden demiryolu ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 ve Tupras Trading \u00fczerinden uluslararas\u0131 ticaret.<\/li>\n
  3. Elektrik \u00dcretimi ve Tedari\u011fi:<\/b> Entek ve ba\u011fl\u0131 ortakl\u0131klar\u0131 arac\u0131l\u0131\u011f\u0131yla elektrik ve buhar \u00fcretimi\/ticareti.<\/li>\n<\/ol>\n

    Ortakl\u0131k Yap\u0131s\u0131 (31 Mart 2026 \u0130tibar\u0131yla)<\/h3>\n
      \n
    • Enerji Yat\u0131r\u0131mlar\u0131 A.\u015e.:<\/b> %46,40<\/li>\n
    • Ko\u00e7 Holding A.\u015e.:<\/b> %4,27<\/li>\n
    • Ko\u00e7 Ailesi ve \u0130lgili \u015eirketler:<\/b> %0,48<\/li>\n
    • Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %48,85<\/li>\n<\/ul>\n

      Grup’un b\u00fcnyesinde \u00e7al\u0131\u015fan ortalama personel say\u0131s\u0131 2026’n\u0131n ilk \u00e7eyre\u011finde 6.374<\/b>‘e y\u00fckselmi\u015ftir (2025 Q1: 6.167).<\/p>\n

      Finansal Performans Analizi<\/h2>\n

      Grup\u2019un k\u00e2r veya zarar tablosu verileri, T\u00fcrk Liras\u0131n\u0131n 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur:<\/p>\n\n\n\n\n\n\n\n\n\n
      Finansal G\u00f6sterge (Bin TL)<\/td>\n1 Ocak – 31 Mart 2026<\/td>\n1 Ocak – 31 Mart 2025<\/td>\n<\/tr>\n
      Has\u0131lat<\/b><\/td>\n258.253.850<\/td>\n207.582.495<\/td>\n<\/tr>\n
      Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n(236.678.417)<\/td>\n(190.354.106)<\/td>\n<\/tr>\n
      Br\u00fct K\u00e2r<\/b><\/td>\n21.575.433<\/td>\n17.228.389<\/td>\n<\/tr>\n
      Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n11.392.484<\/td>\n5.091.901<\/td>\n<\/tr>\n
      Net Finansman Geliri \/ (Gideri)<\/b><\/td>\n1.535.549<\/td>\n963.698<\/td>\n<\/tr>\n
      Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n3.815.100<\/td>\n157.204<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Operasyonel Giderler ve Di\u011fer Gelir\/Giderler<\/h3>\n
        \n
      • Faaliyet Giderleri:<\/b> Genel y\u00f6netim, pazarlama ve Ar-Ge giderleri toplam\u0131 9,92 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n
      • Esas Faaliyetlerden Di\u011fer Gelirler:<\/b> 4,08 milyar TL tutar\u0131ndaki bu kalemde, 2025’in ayn\u0131 d\u00f6nemine (3,13 milyar TL) g\u00f6re art\u0131\u015f g\u00f6zlemlenmi\u015ftir.<\/li>\n
      • Net Parasal Pozisyon Kayb\u0131:<\/b> Y\u00fcksek enflasyon muhasebesi uygulamas\u0131 sonucunda 2,46 milyar TL net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<\/ul>\n

        B\u00f6l\u00fcm Bazl\u0131 Raporlama<\/h2>\n

        Grup y\u00f6netimi faaliyetleri “Rafinaj” ve “Elektrik” olarak iki ana b\u00f6l\u00fcme ay\u0131rmaktad\u0131r:<\/p>\n

          \n
        1. Rafinaj B\u00f6l\u00fcm\u00fc:<\/b>\n
            \n
          • 256,45 milyar TL has\u0131lat ile Grup gelirlerinin %99’undan fazlas\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n
          • 4,31 milyar TL d\u00f6nem k\u00e2r\u0131 elde etmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n
          • Elektrik B\u00f6l\u00fcm\u00fc (Entek):<\/b>\n
              \n
            • 1,80 milyar TL has\u0131lat elde etmi\u015ftir.<\/li>\n
            • 495,5 milyon TL d\u00f6nem zarar\u0131 kaydetmi\u015ftir. Bu zararda finansman giderleri ve net parasal pozisyon kazan\u00e7lar\u0131n\u0131n etkisi bulunmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

              Finansal Durum ve Bor\u00e7 Yap\u0131s\u0131<\/h2>\n

              31 Mart 2026 itibar\u0131yla Grup\u2019un toplam varl\u0131klar\u0131 704,75 milyar TL<\/b>‘dir. Bunun 315,18 milyar TL\u2019si d\u00f6nen varl\u0131klardan, 389,57 milyar TL\u2019si duran varl\u0131klardan olu\u015fmaktad\u0131r.<\/p>\n

              Bor\u00e7lanma Detaylar\u0131<\/h3>\n

              Toplam finansal bor\u00e7lar 55,19 milyar TL<\/b> seviyesindedir. Bor\u00e7 yap\u0131s\u0131n\u0131n da\u011f\u0131l\u0131m\u0131 \u015f\u00f6yledir:<\/p>\n

                \n
              • K\u0131sa Vadeli Bor\u00e7lanmalar:<\/b> 7,00 milyar TL.<\/li>\n
              • Uzun Vadeli Bor\u00e7lanmalar\u0131n K\u0131sa Vadeli K\u0131s\u0131mlar\u0131:<\/b> 12,38 milyar TL.<\/li>\n
              • Uzun Vadeli Bor\u00e7lanmalar:<\/b> 35,82 milyar TL.<\/li>\n<\/ul>\n

                \u00d6nemli Kredi Anla\u015fmalar\u0131:<\/b><\/p>\n

                  \n
                • S\u00fcrd\u00fcr\u00fclebilirlik Ba\u011flant\u0131l\u0131 Kredi:<\/b> 15 May\u0131s 2025 tarihinde 500 milyon ABD Dolar\u0131 tutar\u0131nda, 5 y\u0131l vadeli (2,5 y\u0131l anapara \u00f6demesiz) SOFR + %2,25 maliyetli kredi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n
                • Murabaha Finansman\u0131:<\/b> 10 Mart 2026 tarihinde 100 milyon ABD Dolar\u0131 tutar\u0131nda, 5 y\u0131l vadeli SOFR + %1,80 maliyetli finansman temin edilmi\u015ftir.<\/li>\n
                • Tahvil \u0130hra\u00e7lar\u0131:<\/b> 2024 y\u0131l\u0131 i\u00e7inde toplam 6,8 milyar TL nominal de\u011ferli, TLREF endeksli tahviller ihra\u00e7 edilmi\u015ftir.<\/li>\n<\/ul>\n

                  Nakit Ak\u0131\u015f Analizi ve \u00d6zkaynak De\u011fi\u015fimi<\/h2>\n

                  Grup’un nakit ve nakit benzerleri d\u00f6nem sonunda 76,39 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n

                    \n
                  • \u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> 6,29 milyar TL nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r (2025’in ilk \u00e7eyre\u011findeki 26,46 milyar TL’lik \u00e7\u0131k\u0131\u015fa k\u0131yasla \u00f6nemli bir toparlanma).<\/li>\n
                  • Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 4,15 milyar TL harcanm\u0131\u015ft\u0131r.<\/li>\n
                  • Temett\u00fc \u00d6demeleri:<\/b> 2026 y\u0131l\u0131 i\u00e7inde toplam 33 milyar TL<\/b> tutar\u0131nda kar pay\u0131 \u00f6denmi\u015ftir. Bu \u00f6deme, “Ge\u00e7mi\u015f y\u0131llar karlar\u0131” ve “Kardan ayr\u0131lan k\u0131s\u0131tlanm\u0131\u015f yedekler” kalemlerinden kar\u015f\u0131lanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

                    Risk Y\u00f6netimi ve T\u00fcrev Ara\u00e7lar<\/h2>\n

                    Grup, emtia fiyatlar\u0131 ve d\u00f6viz kurlar\u0131ndaki dalgalanmalara kar\u015f\u0131 aktif bir risk y\u00f6netimi y\u00fcr\u00fctmektedir:<\/p>\n

                      \n
                    • Nakit Ak\u0131\u015f Riski:<\/b> Vadeli mal al\u0131m-sat\u0131m i\u015flemleri \u00fczerinden 52,56 milyar TL kontrat tutarl\u0131 i\u015flem yap\u0131lm\u0131\u015ft\u0131r. Bu i\u015flemlerin neticesinde 25,15 milyar TL varl\u0131k, 59,21 milyar TL y\u00fck\u00fcml\u00fcl\u00fck (rayi\u00e7 de\u011ferler) olu\u015fmu\u015ftur.<\/li>\n
                    • D\u00f6viz ve Faiz Riski:<\/b> D\u00f6viz swaplar\u0131 (1,27 milyar TL) ve faiz haddi swaplar\u0131 (2,36 milyar TL) ile finansal riskler dengelenmektedir.<\/li>\n<\/ul>\n

                      \u00d6nemli Notlar ve Muhasebe Esaslar\u0131<\/h2>\n
                        \n
                      • TMS 29 (Enflasyon Muhasebesi):<\/b> Finansal tablolar, T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131larak d\u00fczeltilmi\u015ftir. 31 Mart 2026 tarihi itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %205 olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n
                      • Stoklar:<\/b> 62,16 milyar TL tutar\u0131ndaki stoklar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 (17,29 milyar TL) “yoldaki mallar” yani hen\u00fcz ula\u015fmam\u0131\u015f ham petrol stoklar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n
                      • \u0130\u015f Ortakl\u0131klar\u0131:<\/b> Opet Petrolc\u00fcl\u00fck A.\u015e., %41,67 etkin ortakl\u0131k pay\u0131 ile \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen en b\u00fcy\u00fck yat\u0131r\u0131md\u0131r ve 18 milyar TL defter de\u011ferine sahiptir.<\/li>\n
                      • Gelir Pay\u0131:<\/b> Petrol Piyasas\u0131 Kanunu uyar\u0131nca toplanan ve bankalarda bloke edilen gelir pay\u0131 tutar\u0131 14,32 milyar TL’dir; bu tutar hem varl\u0131klarda (bloke mevduat) hem de k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde g\u00f6sterilmektedir.<\/li>\n<\/ul>\n

                         <\/p>\n

                         <\/p>\n

                         <\/p>\n

                        T\u00fcpra\u015f\u2019\u0131n 8 Haziran 2026 tarihindeki 238,80 TL<\/strong> hisse fiyat\u0131 ve 2026 y\u0131l\u0131 birinci \u00e7eyrek finansal raporundaki veriler \u0131\u015f\u0131\u011f\u0131nda haz\u0131rlanan kapsaml\u0131 finansal analiz a\u015fa\u011f\u0131dad\u0131r:<\/p>\n

                        Piyasa De\u011ferlemesi ve \u00c7arpanlar<\/strong><\/p>\n

                          \n
                        • Piyasa De\u011feri<\/strong>: \u015eirketin toplam pay adedi olan 1.926.795.598 ile hisse fiyat\u0131 \u00e7arp\u0131ld\u0131\u011f\u0131nda yakla\u015f\u0131k 460,1 milyar TL<\/strong> seviyesindedir<\/li>\n
                        • Defter De\u011feri<\/strong>: Ana ortakl\u0131\u011fa ait \u00f6zkaynaklar\u0131n pay adedine b\u00f6l\u00fcnmesiyle elde edilen hisse ba\u015f\u0131na defter de\u011feri 183,55 TL<\/strong> olarak hesaplanm\u0131\u015ft\u0131r<\/li>\n
                        • PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri)<\/strong>: Mevcut fiyatla bu oran 1,30<\/strong> d\u00fczeyindedir; bu da piyasan\u0131n \u015firketi \u00f6zkaynaklar\u0131n\u0131n %30 \u00fczerinde bir de\u011ferle fiyatlad\u0131\u011f\u0131n\u0131 g\u00f6sterir<\/li>\n
                        • F\/K (Fiyat \/ Kazan\u00e7)<\/strong>: 2025 y\u0131l\u0131 toplam net kar\u0131 ve 2026 ilk \u00e7eyrek performans\u0131 harmanland\u0131\u011f\u0131nda, y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f bazda F\/K oran\u0131 yakla\u015f\u0131k 12,7<\/strong> seviyesinde tahmin edilmektedir; bu oran yat\u0131r\u0131m\u0131n kendini amorti etme s\u00fcresini ifade eder<\/li>\n<\/ul>\n

                          Kar ve Sat\u0131\u015f Performans\u0131 (Y\u0131ll\u0131k De\u011fi\u015fimler)<\/strong><\/p>\n

                            \n
                          • Net D\u00f6nem Kar\u0131<\/strong>: 2026\u2019n\u0131n ilk \u00e7eyre\u011finde ana ortakl\u0131k net kar\u0131 3,7 milyar TL<\/strong> olarak ger\u00e7ekle\u015fmi\u015ftir<\/li>\n
                          • Y\u0131ll\u0131k Net Kar De\u011fi\u015fimi<\/strong>: Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 127 milyon TL\u2019lik (enflasyona g\u00f6re d\u00fczeltilmi\u015f) kara oranla %2.820<\/strong> oran\u0131nda devasa bir reel art\u0131\u015f kaydedilmi\u015ftir<\/li>\n
                          • Sat\u0131\u015flardaki De\u011fi\u015fim<\/strong>: Has\u0131lat 207,5 milyar TL\u2019den 258,2 milyar TL<\/strong>\u2019ye y\u00fckselerek %24,4<\/strong> oran\u0131nda artm\u0131\u015ft\u0131r<\/li>\n
                          • Br\u00fct Kardaki De\u011fi\u015fim<\/strong>: Br\u00fct kar 17,2 milyar TL<\/strong>\u2019den 21,5 milyar TL<\/strong>\u2019ye \u00e7\u0131karak %25,2<\/strong> b\u00fcy\u00fcme g\u00f6stermi\u015ftir<\/li>\n
                          • Esas Faaliyet Kar\u0131<\/strong>: Verimlilik art\u0131\u015f\u0131yla birlikte esas faaliyet kar\u0131 5,1 milyar TL<\/strong>\u2019den 11,4 milyar TL<\/strong>\u2019ye \u00e7\u0131karak %123,7<\/strong> oran\u0131nda bir s\u0131\u00e7rama yapm\u0131\u015ft\u0131r<\/li>\n<\/ul>\n

                            Bilan\u00e7o Sa\u011fl\u0131\u011f\u0131 ve Sermaye Yap\u0131s\u0131<\/strong><\/p>\n

                              \n
                            • \u015eirketin Net Bor\u00e7 Durumu<\/strong>: \u015eirketin 55,2 milyar TL finansal borcuna kar\u015f\u0131l\u0131k 129,9 milyar TL nakit ve nakit benzeri varl\u0131\u011f\u0131 bulunmaktad\u0131r \u015eirket, k\u0131s\u0131tl\u0131 nakitler d\u00fc\u015f\u00fcld\u00fc\u011f\u00fcnde dahi 21,6 milyar TL net nakit<\/strong> pozisyonundad\u0131r; bu durum finansal krizlere kar\u015f\u0131 b\u00fcy\u00fck bir g\u00fcvenlik kalkan\u0131 ve yat\u0131r\u0131m potansiyeli anlam\u0131na gelir<\/li>\n
                            • Finansman Kaynaklar\u0131<\/strong>: Toplam varl\u0131klar\u0131n %51<\/strong>\u2019i \u00f6zkaynaklar (ana sermaye) ile, %49<\/strong>\u2019u ise bor\u00e7lar ve di\u011fer y\u00fck\u00fcml\u00fcl\u00fckler ile finanse edilmektedir<\/li>\n
                            • \u00d6zkaynaklardaki De\u011fi\u015fim<\/strong>: 2025 y\u0131l sonuna g\u00f6re \u00f6zkaynaklar 406,9 milyar TL\u2019den 360 milyar TL\u2019ye %11,5<\/strong> gerilemi\u015ftir; bu d\u00fc\u015f\u00fc\u015f\u00fcn ana nedeni Mart 2026\u2019da \u00f6denen 33 milyar TL<\/strong> tutar\u0131ndaki dev temett\u00fc \u00e7\u0131k\u0131\u015f\u0131d\u0131r<\/li>\n
                            • Finansal Bor\u00e7lardaki De\u011fi\u015fim<\/strong>: Toplam finansal bor\u00e7lar 55,3 milyar TL seviyesinde yatay seyrederek bor\u00e7luluk kontrol alt\u0131nda tutulmu\u015ftur<\/li>\n
                            • \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (ROE)<\/strong>: \u0130lk \u00e7eyrek verileri y\u0131ll\u0131kland\u0131r\u0131ld\u0131\u011f\u0131nda enflasyon muhasebesi sonras\u0131 reel \u00f6zkaynak karl\u0131l\u0131\u011f\u0131n\u0131n %4-5<\/strong> band\u0131nda seyretti\u011fi g\u00f6r\u00fclmektedir<\/li>\n<\/ul>\n

                              Tart\u0131\u015fma ve Di\u011fer \u00d6nemli Oranlar<\/strong><\/p>\n

                                \n
                              • Cari Oran<\/strong>: D\u00f6nen varl\u0131klar\u0131n k\u0131sa vadeli bor\u00e7lara oran\u0131 1,10<\/strong> seviyesindedir; bu oran \u015firketin k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kapasitesinin makul oldu\u011funu g\u00f6sterir<\/li>\n
                              • Temett\u00fc Verimi<\/strong>: 33 milyar TL\u2019lik nakit temett\u00fc da\u011f\u0131t\u0131m\u0131, \u015firketin nakit ak\u0131\u015f g\u00fcc\u00fcn\u00fcn ve ortaklar\u0131na de\u011fer yaratma odakl\u0131l\u0131\u011f\u0131n\u0131n en \u00f6nemli kan\u0131t\u0131d\u0131r<\/li>\n
                              • Nakit D\u00f6n\u00fc\u015f\u00fcm Oran\u0131<\/strong>: \u015eirketin i\u015fletme sermayesi y\u00f6netimi ba\u015far\u0131l\u0131 olup faaliyetlerden 6,2 milyar TL<\/strong> pozitif nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r<\/li>\n
                              • Stratejik Risk Y\u00f6netimi<\/strong>: \u015eirketin ham petrol fiyatlar\u0131ndaki dalgalanmalara kar\u015f\u0131 58,3 milyar TL de\u011ferinde stok tutarak do\u011fal hedge<\/strong> (korunma) uygulamas\u0131, marj risklerini minimize etmektedir<\/li>\n<\/ul>\n