{"id":2525,"date":"2026-06-09T22:38:14","date_gmt":"2026-06-09T19:38:14","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2525"},"modified":"2026-06-09T22:38:58","modified_gmt":"2026-06-09T19:38:58","slug":"sasa-2026-03-faaliyet-raporu-analizi-sasa-polyester-sanayi-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2525","title":{"rendered":"\ud83d\udd35 SASA 2026-03 Faaliyet Raporu Analizi | Sasa Polyester Sanayi A.\u015e."},"content":{"rendered":"<h1>SASA Polyester Sanayi A.\u015e. 2026 Birinci \u00c7eyrek Faaliyet ve Strateji Bilgilendirme Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>SASA Polyester Sanayi A.\u015e.\u2019nin 1 Ocak \u2013 31 Mart 2026 d\u00f6nemini kapsayan faaliyet raporu, \u015firketin devasa yat\u0131r\u0131mlar\u0131n\u0131n meyvelerini vermeye ba\u015flad\u0131\u011f\u0131 ve \u00fcretim kapasitesinin \u00f6nemli \u00f6l\u00e7\u00fcde artt\u0131\u011f\u0131 bir ge\u00e7i\u015f d\u00f6nemini yans\u0131tmaktad\u0131r. K\u00fcresel enerji piyasalar\u0131ndaki dalgalanmalar ve jeopolitik gerilimlere ra\u011fmen SASA, hammadde tedarik g\u00fcvenli\u011fini sa\u011flayan yeni Safla\u015ft\u0131r\u0131lm\u0131\u015f Teraftalik Asit (PTA) tesisi ile operasyonel s\u00fcreklili\u011fini korumu\u015ftur.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan kritik geli\u015fmeleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>\u00dcretim Art\u0131\u015f\u0131:<\/b> Yeni devreye giren tesislerin etkisiyle polyester cips \u00fcretiminde %49, polyester elyaf \u00fcretiminde ise %61 oran\u0131nda art\u0131\u015f kaydedilmi\u015ftir.<\/li>\n<li><b>PTA Hamlesi:<\/b> 2025 ba\u015f\u0131nda devreye al\u0131nan 1,75 milyon ton kapasiteli PTA tesisi ile \u015firket, ana hammaddesini kendi b\u00fcnyesinde \u00fcreterek ithalat ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltm\u0131\u015f ve maliyet avantaj\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansal B\u00fcy\u00fcme:<\/b> Net sat\u0131\u015flar \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 11,8 milyar TL&#8217;den 16,1 milyar TL&#8217;ye y\u00fckselmi\u015f, FAV\u00d6K marj\u0131 %8\u2019den %19\u2019a \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Gelecek Vizyonu:<\/b> Yumurtal\u0131k b\u00f6lgesinde 11 milyon m\u00b2 alana yay\u0131lmas\u0131 planlanan 25 milyar dolarl\u0131k devasa petrokimya projesi i\u00e7in yasal prosed\u00fcrler devam etmektedir.<\/li>\n<\/ul>\n<h2>1. Kurumsal Yap\u0131 ve Sermaye Da\u011f\u0131l\u0131m\u0131<\/h2>\n<p>SASA, T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck polyester \u00fcreticisi olmas\u0131n\u0131n yan\u0131 s\u0131ra Avrupa, Orta Do\u011fu ve Afrika b\u00f6lgesinde lider konumunu s\u00fcrd\u00fcrmektedir. \u015eirket, 43,8 milyar TL \u00e7\u0131kar\u0131lm\u0131\u015f sermayeye sahiptir.<\/p>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 (31 Mart 2026 \u0130tibar\u0131yla)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Unvan\u0131<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Erdemo\u011flu Holding A.\u015e.<\/td>\n<td>23.342.030.169,2<\/td>\n<td>53,27%<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>20.473.585.191,6<\/td>\n<td>46,73%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>43.815.615.360,80<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<ul>\n<li><b>Sasa D\u0131\u015f Ticaret A.\u015e. (%100):<\/b> \u0130hracat faaliyetlerinin etkinli\u011fi i\u00e7in kurulmu\u015ftur.<\/li>\n<li><b>Sasa Uluslararas\u0131 Finansal Yat\u0131r\u0131m A.\u015e. (%100):<\/b> Finansman kaynaklar\u0131na eri\u015fim amac\u0131yla yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sasa Rafineri A.\u015e. (%100):<\/b> Yumurtal\u0131k&#8217;taki rafineri ve petrokimya yat\u0131r\u0131mlar\u0131n\u0131 y\u00fcr\u00fctmek \u00fczere 2 Eyl\u00fcl 2025&#8217;te kurulmu\u015ftur.<\/li>\n<\/ul>\n<h2>2. Operasyonel Performans ve \u00dcretim Verileri<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde polimerizasyon kapasite kullan\u0131m oran\u0131 %68 olarak ger\u00e7ekle\u015fmi\u015ftir. Yeni yat\u0131r\u0131mlar\u0131n devreye girmesiyle \u00fcretim tonajlar\u0131nda b\u00fcy\u00fck s\u0131\u00e7ramalar ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<h3>\u00dcretim Miktarlar\u0131 Kar\u015f\u0131la\u015ft\u0131rmas\u0131 (Ton)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcr\u00fcn Grubu<\/td>\n<td>2026\/3<\/td>\n<td>2025\/3<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>PTA<\/td>\n<td>324.502<\/td>\n<td>&#8211;<\/td>\n<td>Yeni \u00dcretim<\/td>\n<\/tr>\n<tr>\n<td>Polyester Cips<\/td>\n<td>171.315<\/td>\n<td>87.022<\/td>\n<td>%49<\/td>\n<\/tr>\n<tr>\n<td>Polyester Elyaf<\/td>\n<td>96.312<\/td>\n<td>37.280<\/td>\n<td>%61<\/td>\n<\/tr>\n<tr>\n<td>Poy<\/td>\n<td>63.462<\/td>\n<td>55.208<\/td>\n<td>%13<\/td>\n<\/tr>\n<tr>\n<td>Polyester \u0130plik<\/td>\n<td>29.261<\/td>\n<td>33.339<\/td>\n<td>-%14<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00dcr\u00fcn Gruplar\u0131 ve Uygulama Alanlar\u0131<\/h3>\n<ul>\n<li><b>Elyaf:<\/b> Tekstil (iplik, kuma\u015f), konfor\/dolgu (yast\u0131k, mobilya) ve teknik tekstil (hijyen, medikal, otomotiv) sekt\u00f6rlerine hizmet vermektedir. 16 Ocak 2026&#8217;da &#8220;Low-Melt&#8221; polyester elyaf \u00fcretimine ba\u015flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Filament:<\/b> \u00d6rme ve dokumada kullan\u0131lan poy ve tekst\u00fcre iplikler \u00fcretilmektedir.<\/li>\n<li><b>PET Resin &amp; Cips:<\/b> \u015ei\u015fe, levha, film ve ambalaj sekt\u00f6rleri i\u00e7in d\u00fc\u015f\u00fck karbon sal\u0131n\u0131ml\u0131 MTR (Melt to Resin) teknolojisiyle \u00fcretim yap\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Analiz<\/h2>\n<p>2026 y\u0131l\u0131 ilk \u00e7eyre\u011fi, sat\u0131\u015f gelirlerinde g\u00fc\u00e7l\u00fc bir art\u0131\u015fa sahne olsa da, net k\u00e2r rakam\u0131 ge\u00e7en y\u0131la oranla s\u0131n\u0131rl\u0131 bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/p>\n<h3>Temel Finansal G\u00f6stergeler (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge<\/td>\n<td>2026\/3<\/td>\n<td>2025\/3<\/td>\n<\/tr>\n<tr>\n<td>Net Sat\u0131\u015flar<\/td>\n<td>16.138<\/td>\n<td>11.847<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>1.789<\/td>\n<td>937<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K (EBITDA)<\/td>\n<td>3.134<\/td>\n<td>999<\/td>\n<\/tr>\n<tr>\n<td>Net K\u00e2r<\/td>\n<td>1.725<\/td>\n<td>1.860<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K Marj\u0131<\/td>\n<td>%19<\/td>\n<td>%8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Sat\u0131\u015flar\u0131n Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Sat\u0131\u015f gelirlerinin para birimi cinsinden da\u011f\u0131l\u0131m\u0131, \u015firketin d\u00f6viz odakl\u0131 yap\u0131s\u0131n\u0131 kan\u0131tlamaktad\u0131r:<\/p>\n<ul>\n<li><b>USD:<\/b> %73<\/li>\n<li><b>EUR:<\/b> %26<\/li>\n<li><b>TRY:<\/b> %1<\/li>\n<\/ul>\n<h2>4. Stratejik Yat\u0131r\u0131mlar ve Gelecek Vizyonu<\/h2>\n<p>SASA, 2015 y\u0131l\u0131ndan bu yana yakla\u015f\u0131k 4 milyar ABD dolar\u0131 tutar\u0131nda yat\u0131r\u0131m ger\u00e7ekle\u015ftirmi\u015ftir. \u015eirketin oda\u011f\u0131nda hammadde arz g\u00fcvenli\u011fi ve katma de\u011ferli \u00fcr\u00fcn \u00fcretimi yer almaktad\u0131r.<\/p>\n<h3>Tamamlanan \u00d6nemli Yat\u0131r\u0131mlar<\/h3>\n<ul>\n<li><b>PTA \u00dcretim Tesisi:<\/b> 1,85 milyar dolar yat\u0131r\u0131m de\u011feriyle Mart 2025&#8217;te ticari \u00fcretime ge\u00e7mi\u015ftir. T\u00fcrkiye ve Avrupa\u2019n\u0131n en b\u00fcy\u00fck tesisidir. \u015eirketin enerji ihtiyac\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 at\u0131k \u0131s\u0131dan kar\u015f\u0131lamaktad\u0131r.<\/li>\n<li><b>MTR (Cips) Tesisi:<\/b> Nisan 2025&#8217;te 250 milyon dolar yat\u0131r\u0131mla devreye al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Elyaf \u00dcretim Tesisi:<\/b> 650 milyon dolar yat\u0131r\u0131mla tamamlanan tesisin son b\u00f6l\u00fcm\u00fc (Low-Melt) Ocak 2026&#8217;da \u00fcretime ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>G\u00fcne\u015f Enerjisi (GES):<\/b> Adana ve Gaziantep&#8217;teki GES yat\u0131r\u0131mlar\u0131 ile elektrik t\u00fcketiminin yakla\u015f\u0131k %20&#8217;si yenilenebilir kaynaklardan sa\u011flanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Yumurtal\u0131k Petrokimya Projesi<\/h3>\n<p>Adana Yumurtal\u0131k&#8217;ta sat\u0131n al\u0131nan yakla\u015f\u0131k 5,5 milyon m\u00b2 arazide (toplam 11 milyon m\u00b2 hedeflenmektedir) kurulacak dev tesis; rafineri, liman ve petrokimya \u00fcretimini kapsayacakt\u0131r.<\/p>\n<ul>\n<li><b>Yat\u0131r\u0131m Tutar\u0131:<\/b> 25 milyar USD.<\/li>\n<li><b>S\u00fcre:<\/b> Yakla\u015f\u0131k 12 y\u0131l (ba\u015flang\u0131\u00e7 hedefi 2027).<\/li>\n<li><b>Stratejik \u00d6nem:<\/b> %100 ithal ikamesi sa\u011flayacak \u00fcr\u00fcnler \u00fcretilecektir. Proje sahas\u0131n\u0131n birinci etab\u0131 &#8220;\u00d6zel End\u00fcstri B\u00f6lgesi&#8221; ilan edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Sekt\u00f6rel Analiz ve Risk Y\u00f6netimi<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi, makroekonomik ve jeopolitik a\u00e7\u0131dan zorlu bir d\u00f6nem olmu\u015ftur:<\/p>\n<ul>\n<li><b>Enerji ve Navlun Maliyetleri:<\/b> ABD-\u0130ran gerilimi ve H\u00fcrm\u00fcz Bo\u011faz\u0131&#8217;ndaki aksakl\u0131klar Brent petrol ve navlun fiyatlar\u0131n\u0131 y\u00fckseltmi\u015ftir.<\/li>\n<li><b>Talep Zay\u0131fl\u0131\u011f\u0131:<\/b> Enflasyonist bask\u0131lar ve y\u00fcksek faiz ortam\u0131 nedeniyle tekstil gibi ana pazarlarda talep d\u00fc\u015f\u00fck seyretmi\u015ftir.<\/li>\n<li><b>Finansman:<\/b> Fitch Ratings, Ekim 2025&#8217;te \u015firketin kredi notunu &#8220;CCC&#8221; seviyesine indirmi\u015f; JCR Avrasya ise notu &#8220;A- (tr)&#8221; olarak revize etmi\u015ftir. \u015eirket, yat\u0131r\u0131mlar\u0131n\u0131 finanse etmek i\u00e7in a\u011f\u0131rl\u0131kl\u0131 olarak \u0130spanyol CESCE ve EBRD gibi kurumlardan sa\u011flanan uzun vadeli kredileri kullanmaktad\u0131r.<\/li>\n<\/ul>\n<h2>6. Ar-Ge ve S\u00fcrd\u00fcr\u00fclebilirlik<\/h2>\n<h3>Ar-Ge \u00c7al\u0131\u015fmalar\u0131<\/h3>\n<p>SASA, \u00fcr\u00fcn portf\u00f6y\u00fcn\u00fc \u00e7evre dostu ve ni\u015f \u00fcr\u00fcnlerle geni\u015fletmektedir. Ar-Ge merkezi \u00e7al\u0131\u015fmalar\u0131 sonucunda geli\u015ftirilen \u00fcr\u00fcnlerin toplam sat\u0131\u015flar i\u00e7indeki pay\u0131 %19,7 seviyesindedir. \u00d6ne \u00e7\u0131kan \u00fcr\u00fcnler aras\u0131nda a\u011f\u0131r metal i\u00e7ermeyen polimerler ve d\u00fc\u015f\u00fck erime noktal\u0131 polimerler bulunmaktad\u0131r.<\/p>\n<h3>S\u00fcrd\u00fcr\u00fclebilirlik ve SHE Faaliyetleri<\/h3>\n<ul>\n<li><b>At\u0131k Y\u00f6netimi:<\/b> Yeni PTA tesisi, geleneksel tesislere g\u00f6re %75 daha az at\u0131ksu ve %95 daha az kat\u0131 at\u0131k \u00fcretecek \u015fekilde tasarlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6ng\u00fcsel Ekonomi:<\/b> Polyester at\u0131klar\u0131n\u0131 geri d\u00f6n\u00fc\u015ft\u00fcrecek tesis kurma \u00e7al\u0131\u015fmalar\u0131 devam etmektedir.<\/li>\n<li><b>\u00d6d\u00fcller:<\/b> 2024 y\u0131l\u0131nda EBRD S\u00fcrd\u00fcr\u00fclebilirlik \u00d6d\u00fclleri&#8217;nde g\u00fcm\u00fc\u015f \u00f6d\u00fcle lay\u0131k g\u00f6r\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h2>7. Y\u00f6netim Kurulu<\/h2>\n<p>\u015eirket, \u0130brahim Erdemo\u011flu ba\u015fkanl\u0131\u011f\u0131ndaki deneyimli bir kurul taraf\u0131ndan y\u00f6netilmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<\/tr>\n<tr>\n<td>\u0130brahim Erdemo\u011flu<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Ali Erdemo\u011flu<\/td>\n<td>Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td>Mustafa Kemal \u00d6z<\/td>\n<td>\u00dcye ve Genel M\u00fcd\u00fcr (CEO)<\/td>\n<\/tr>\n<tr>\n<td>\u0130brahim Mustafa Turhan<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi (Ekonomi Profes\u00f6r\u00fc)<\/td>\n<\/tr>\n<tr>\n<td>Servi Sebe<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye (Denetim Komitesi Ba\u015fkan\u0131)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Prof. Dr. \u0130brahim Mustafa Turhan, 13 Mart 2026 tarihinde y\u00f6netim kuruluna kat\u0131lm\u0131\u015ft\u0131r.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2525\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sasa Polyester\u2019in 2026 y\u0131l\u0131 ilk \u00e7eyrek faaliyet raporu, \u015firketin k\u00fcresel bir petrokimya devi olma yolundaki kararl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor. \u00dcretim miktarlar\u0131nda ya\u015fanan devasa art\u0131\u015flar, yeni devreye al\u0131nan Low-Melt elyaf tesisi ve enerji maliyetlerini d\u00fc\u015f\u00fcren s\u00fcrd\u00fcr\u00fclebilirlik hamleleri raporun en dikkat \u00e7eken unsurlar\u0131 aras\u0131nda yer al\u0131yor. 16 milyar TL&#8217;yi a\u015fan sat\u0131\u015f geliriyle y\u0131la g\u00fc\u00e7l\u00fc bir ba\u015flang\u0131\u00e7 yapan Sasa, Yumurtal\u0131k\u2019taki dev projesi i\u00e7in arazi geni\u015fletme \u00e7al\u0131\u015fmalar\u0131na da h\u0131z kesmeden devam ediyor. Sasa&#8217;n\u0131n gelece\u011fe d\u00f6n\u00fck stratejik yat\u0131r\u0131mlar\u0131n\u0131 ve finansal verilerini inceledi\u011fimiz bu yaz\u0131m\u0131zda, polyester devinin 2026 vizyonuna yak\u0131ndan tan\u0131k olacaks\u0131n\u0131z<\/p>\n","protected":false},"author":2,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[308],"class_list":["post-2525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-sasa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2525","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2525"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2525\/revisions"}],"predecessor-version":[{"id":2526,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2525\/revisions\/2526"}],"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=2525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}