{"id":2556,"date":"2026-06-27T17:19:08","date_gmt":"2026-06-27T14:19:08","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2556"},"modified":"2026-06-27T17:20:41","modified_gmt":"2026-06-27T14:20:41","slug":"dohol-2026-03-bilano-analizi-doan-irketler-grubu-holding-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2556","title":{"rendered":"\ud83d\udd34 DOHOL 2026-03 Bilan\u00e7o Analizi | Do\u011fan \u015eirketler Grubu Holding A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Do\u011fan Holding 2026 Q1 Analizi: Madencilik Deste\u011fiyle G\u00fc\u00e7l\u00fc K\u00e2r D\u00f6n\u00fc\u015f\u00fc\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/ojkAQTHGnQg?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>Do\u011fan \u015eirketler Grubu Holding A.\u015e. 31 Mart 2026 Ara Hesap D\u00f6nemi Finansal De\u011ferlendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu briefing belgesi, Do\u011fan \u015eirketler Grubu Holding A.\u015e.&#8217;nin (&#8220;Grup&#8221;) 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait \u00f6zet konsolide finansal tablolar\u0131n\u0131n analizini sunmaktad\u0131r. TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uygulanarak haz\u0131rlanan rapor, Grubun finansal performans\u0131n\u0131, varl\u0131k yap\u0131s\u0131n\u0131 ve operasyonel verimlili\u011fini kapsaml\u0131 bir \u015fekilde ortaya koymaktad\u0131r.<\/p>\n<p>Temel bulgular \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k D\u00f6n\u00fc\u015f\u00fcm\u00fc:<\/b> Grup, 31 Mart 2025 d\u00f6nemindeki 837,8 milyon TL&#8217;lik d\u00f6nem zarar\u0131ndan, 2026&#8217;n\u0131n ayn\u0131 d\u00f6neminde 545,7 milyon TL net d\u00f6nem k\u00e2r\u0131na ge\u00e7erek g\u00fc\u00e7l\u00fc bir toparlanma sergilemi\u015ftir.<\/li>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> 31 Mart 2026 itibar\u0131yla Grubun toplam varl\u0131klar\u0131 201,3 milyar TL seviyesindedir. Varl\u0131klar\u0131n %62&#8217;si d\u00f6nen varl\u0131klardan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Br\u00fct K\u00e2r Art\u0131\u015f\u0131:<\/b> Toplam has\u0131lat bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hafif bir d\u00fc\u015f\u00fc\u015fle 23,9 milyar TL olarak ger\u00e7ekle\u015fmesine ra\u011fmen, sat\u0131\u015f maliyetlerindeki etkin y\u00f6netim sayesinde br\u00fct k\u00e2r %51 oran\u0131nda artarak 5,8 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Etkisi:<\/b> Grup, y\u00fcksek enflasyon d\u00fczeltmesi sonucunda 3,3 milyar TL tutar\u0131nda parasal pozisyon kayb\u0131 kaydetmi\u015ftir.<\/li>\n<\/ul>\n<h2>1. Kurumsal Yap\u0131 ve Organizasyon<\/h2>\n<p>Do\u011fan Holding, i\u015ftirakleri arac\u0131l\u0131\u011f\u0131yla elektrik \u00fcretimi, sanayi, ticaret, otomotiv, finans, internet, e\u011flence, gayrimenkul ve madencilik dahil olmak \u00fczere geni\u015f bir sekt\u00f6rel yelpazede faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Personel Say\u0131s\u0131:<\/b> 31 Mart 2026 itibar\u0131yla konsolide edilen ba\u011fl\u0131 ortakl\u0131klardaki toplam personel say\u0131s\u0131 7.116&#8217;d\u0131r (31 Aral\u0131k 2025: 7.160).<\/li>\n<li><b>Halka A\u00e7\u0131kl\u0131k:<\/b> Holding paylar\u0131n\u0131n %35,7&#8217;si dola\u015f\u0131mdad\u0131r ve paylar Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Raporlama Esaslar\u0131:<\/b> Finansal tablolar, 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc baz al\u0131narak bin T\u00fcrk Liras\u0131 (TL) cinsinden sunulmu\u015ftur.<\/li>\n<\/ul>\n<h2>2. Finansal Durum Analizi<\/h2>\n<p>Grubun finansal durum tablosu (bilan\u00e7o), g\u00fc\u00e7l\u00fc bir varl\u0131k taban\u0131na i\u015faret etmekle birlikte, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin a\u011f\u0131rl\u0131\u011f\u0131n\u0131 korudu\u011funu g\u00f6stermektedir.<\/p>\n<h3>2.1. Varl\u0131k ve Kaynak Da\u011f\u0131l\u0131m\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (Bin TL)<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>201.304.602<\/b><\/td>\n<td><b>203.133.721<\/b><\/td>\n<td><b>-%0,9<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>125.011.634<\/td>\n<td>125.490.272<\/td>\n<td>-%0,4<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>76.292.968<\/td>\n<td>77.643.449<\/td>\n<td>-%1,7<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>201.304.602<\/b><\/td>\n<td><b>203.133.721<\/b><\/td>\n<td><b>-%0,9<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>77.646.770<\/td>\n<td>79.728.936<\/td>\n<td>-%2,6<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>17.889.135<\/td>\n<td>16.255.845<\/td>\n<td>+%10,0<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>105.768.697<\/td>\n<td>107.148.940<\/td>\n<td>-%1,3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Yat\u0131r\u0131m ve Bor\u00e7lanma Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Finansal Yat\u0131r\u0131mlar:<\/b> K\u0131sa vadeli finansal yat\u0131r\u0131mlar 74,9 milyar TL ile d\u00f6nen varl\u0131klar i\u00e7inde en b\u00fcy\u00fck paya sahiptir. Bu kalem a\u011f\u0131rl\u0131kl\u0131 olarak \u00f6zel sekt\u00f6r ve devlet tahvilleri ile bonolardan (%88) olu\u015fmaktad\u0131r.<\/li>\n<li><b>Finansal Bor\u00e7lar:<\/b> Toplam banka kredileri (k\u0131sa ve uzun vadeli k\u0131s\u0131mlar dahil) 35,3 milyar TL seviyesindedir. 2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda kredi geri \u00f6demeleri nedeniyle 3,9 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Operasyonel Performans ve K\u00e2rl\u0131l\u0131k<\/h2>\n<p>Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015f ve vergi \u00f6ncesi k\u00e2rda \u00f6nemli bir ivme yakalam\u0131\u015ft\u0131r.<\/p>\n<h3>3.1. Gelir Tablosu \u00d6zet Verileri<\/h3>\n<ul>\n<li><b>Toplam Has\u0131lat:<\/b> 23,93 milyar TL (2025: 24,38 milyar TL). Has\u0131lat\u0131n 14,7 milyar TL&#8217;si ticari faaliyetlerden, 9,2 milyar TL&#8217;si finans sekt\u00f6r\u00fc faaliyetlerinden sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 3,28 milyar TL olarak ger\u00e7ekle\u015ferek bir \u00f6nceki y\u0131l\u0131n (2,85 milyar TL) \u00fczerine \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Gelirler:<\/b> 3,94 milyar TL ile k\u00e2rl\u0131l\u0131\u011fa en b\u00fcy\u00fck katk\u0131lardan birini sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nem K\u00e2r\u0131:<\/b> 545,7 milyon TL. Ana ortakl\u0131\u011fa d\u00fc\u015fen pay 333,5 milyon TL&#8217;dir.<\/li>\n<\/ul>\n<h3>3.2. Sekt\u00f6rel Bazda Performans (31 Mart 2026)<\/h3>\n<p>Grubun en y\u00fcksek has\u0131lat \u00fcreten b\u00f6l\u00fcmleri Finansman\/Yat\u0131r\u0131m ve Sanayi\/Ticaret iken, k\u00e2rl\u0131l\u0131kta Madencilik sekt\u00f6r\u00fc \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>B\u00f6l\u00fcm<\/td>\n<td>Grup D\u0131\u015f\u0131 Gelirler (Bin TL)<\/td>\n<td>Vergi \u00d6ncesi K\u00e2r \/ Zarar (Bin TL)<\/td>\n<\/tr>\n<tr>\n<td>Finansman ve Yat\u0131r\u0131m<\/td>\n<td>9.207.010<\/td>\n<td>232.886<\/td>\n<\/tr>\n<tr>\n<td>Sanayi ve Ticaret<\/td>\n<td>6.210.941<\/td>\n<td>(187.115)<\/td>\n<\/tr>\n<tr>\n<td>Otomotiv Ticaret<\/td>\n<td>3.927.603<\/td>\n<td>48.754<\/td>\n<\/tr>\n<tr>\n<td>Madencilik<\/td>\n<td>2.361.738<\/td>\n<td>1.123.057<\/td>\n<\/tr>\n<tr>\n<td>\u0130nternet ve E\u011flence<\/td>\n<td>1.128.080<\/td>\n<td>51.095<\/td>\n<\/tr>\n<tr>\n<td>Elektrik \u00dcretimi<\/td>\n<td>691.580<\/td>\n<td>356.272<\/td>\n<\/tr>\n<tr>\n<td>Gayrimenkul Yat\u0131r\u0131mlar\u0131<\/td>\n<td>404.624<\/td>\n<td>(24.914)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>4. Nakit Ak\u0131\u015f\u0131 ve Likidite<\/h2>\n<p>Grup, i\u015fletme faaliyetlerinden g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131 yaratmas\u0131na ra\u011fmen, yat\u0131r\u0131m faaliyetlerindeki nakit \u00e7\u0131k\u0131\u015flar\u0131 ve enflasyon etkisiyle d\u00f6nem sonu nakit mevcudunda azalma ya\u015fam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> 4,89 milyar TL (2025: 1,72 milyar TL). Bu art\u0131\u015f, faaliyetlerden elde edilen nakdin bir \u00f6nceki y\u0131la g\u00f6re negatiften pozitife d\u00f6nmesinden kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit \u00c7\u0131k\u0131\u015f\u0131:<\/b> Net 4,5 milyar TL. Bu tutar\u0131n b\u00fcy\u00fck k\u0131sm\u0131 (21,8 milyar TL) finansal varl\u0131k edinimine harcanm\u0131\u015f, buna kar\u015f\u0131n 18,2 milyar TL tutar\u0131nda finansal varl\u0131k sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Nakit Mevcudu:<\/b> D\u00f6nem ba\u015f\u0131 8,1 milyar TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda 6,5 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h2>\n<p>Finansal tablolar\u0131n haz\u0131rlanmas\u0131nda T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>D\u00fczeltme Katsay\u0131lar\u0131:<\/b> 31 Mart 2026 itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %205 olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Parasal Pozisyon Etkisi:<\/b> Grubun net parasal varl\u0131k pozisyonu \u00fczerinde enflasyonun etkisi, 3.267.331 bin TL tutar\u0131nda bir &#8220;Parasal Kay\u0131p&#8221; olarak gelir tablosuna yans\u0131t\u0131lm\u0131\u015ft\u0131r. Bu durum, Grubun parasal varl\u0131klar\u0131n\u0131n parasal y\u00fck\u00fcml\u00fcl\u00fcklerinden daha fazla oldu\u011funu ve enflasyon kar\u015f\u0131s\u0131nda sat\u0131n alma g\u00fcc\u00fc kayb\u0131 ya\u015fad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n<h2>6. Kritik Muhasebe Tahminleri ve \u00d6nemli Kalemler<\/h2>\n<ul>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> 10,96 milyar TL de\u011ferindeki bu varl\u0131klar ger\u00e7e\u011fe uygun de\u011fer y\u00f6ntemiyle izlenmektedir. De\u011ferlemeler SPK lisansl\u0131 kurulu\u015flarca yap\u0131lmaktad\u0131r.<\/li>\n<li><b>Maddi ve Maddi Olmayan Duran Varl\u0131klar:<\/b> Bu d\u00f6nemde toplam 1,37 milyar TL tutar\u0131nda yeni al\u0131m yap\u0131lm\u0131\u015f, 1,54 milyar TL amortisman ve itfa pay\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stoklar:<\/b> 8,8 milyar TL seviyesinde olan stoklar\u0131n yakla\u015f\u0131k yar\u0131s\u0131n\u0131 (4,3 milyar TL) mamul ve ticari mallar olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h2>Sonu\u00e7<\/h2>\n<p>Do\u011fan Holding, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde br\u00fct k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rarak zarardan k\u00e2ra ge\u00e7meyi ba\u015farm\u0131\u015ft\u0131r. Madencilik ve enerji sekt\u00f6rleri k\u00e2rl\u0131l\u0131\u011fa \u00f6nemli katk\u0131 sa\u011flarken, y\u00fcksek enflasyon ortam\u0131 nedeniyle kaydedilen parasal pozisyon kayb\u0131 net k\u00e2r\u0131 bask\u0131layan temel unsurlardan biri olmu\u015ftur. Grubun g\u00fc\u00e7l\u00fc nakit yaratma kapasitesi ve 75 milyar TL&#8217;ye yakla\u015fan likit finansal yat\u0131r\u0131mlar\u0131, finansal istikrar\u0131n\u0131 destekleyen kritik unsurlar olarak de\u011ferlendirilmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2556\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>&#8220;Do\u011fan Holding, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde sergiledi\u011fi performansla g\u00fc\u00e7l\u00fc bir k\u00e2r d\u00f6n\u00fc\u015f\u00fc ger\u00e7ekle\u015ftirdi. Enflasyon muhasebesi (TMS 29) etkileriyle haz\u0131rlanan konsolide raporlara g\u00f6re; \u00f6zellikle madencilik sekt\u00f6r\u00fcndeki rekor k\u00e2r art\u0131\u015f\u0131 ve otomotiv ticaretindeki toparlanma dikkat \u00e7ekiyor. Toplam varl\u0131klar\u0131n\u0131 201 milyar TL&#8217;nin \u00fczerinde tutmay\u0131 ba\u015faran grubun, 545,7 milyon TL&#8217;lik net k\u00e2ra giden yolculu\u011fundaki sekt\u00f6rel dinamikleri ve finansal stratejilerini derinlemesine analiz ediyoruz.&#8221;<\/p>\n","protected":false},"author":11,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[281],"class_list":["post-2556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-dohol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2556","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2556"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2556\/revisions"}],"predecessor-version":[{"id":2557,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2556\/revisions\/2557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}