{"id":33,"date":"2025-12-17T03:55:13","date_gmt":"2025-12-17T00:55:13","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=33"},"modified":"2025-12-17T15:14:19","modified_gmt":"2025-12-17T12:14:19","slug":"sodsn-sodas-sodyum-sanayii-2025-9-bilanco-analizi-operasyonel-kar-cokuyor","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/33","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #SODSN | Soda\u015f Sodyum Sanayii 2025\/9 Bilan\u00e7o Analizi | Operasyonel K\u00e2r \u00c7\u00f6k\u00fcyor \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #SODSN | Soda\u015f Sodyum Sanayii 2025\/9 Bilan\u00e7o Analizi | Operasyonel K\u00e2r \u00c7\u00f6k\u00fcyor \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/Zpd4l-oamLg?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>SODA\u015e&#8217;\u0131n Finansal Tablolar\u0131 Mercek Alt\u0131nda: Sat\u0131\u015flar Artarken K\u00e2rlar Neden Eridi? 4 \u015ea\u015f\u0131rt\u0131c\u0131 Tespit<\/h1>\n<p>Bir \u015firketin sat\u0131\u015flar\u0131 art\u0131yorsa, k\u00e2r\u0131n\u0131n da artmas\u0131 beklenir, de\u011fil mi? \u00c7o\u011fu zaman evet, ancak SODA\u015e Sodyum Sanayii A.\u015e.&#8217;nin son finansal verileri, bu varsay\u0131m\u0131n her zaman do\u011fru olmad\u0131\u011f\u0131n\u0131 net bir \u015fekilde g\u00f6steriyor. Rakamlar\u0131n y\u00fczeyinin alt\u0131na inildi\u011finde, basit bir b\u00fcy\u00fcme hikayesinden \u00e7ok daha karma\u015f\u0131k ve ilgi \u00e7ekici bir tablo ortaya \u00e7\u0131k\u0131yor.<\/p>\n<p>Bu analizde, \u015firketin 2024 ve 2025 y\u0131llar\u0131n\u0131n ilk dokuz ayl\u0131k gelir tablolar\u0131n\u0131 kar\u015f\u0131la\u015ft\u0131rarak ciro art\u0131\u015f\u0131n\u0131n ard\u0131nda yatan \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ekleri ve operasyonel zorluklar\u0131 ortaya \u00e7\u0131karaca\u011f\u0131z. Sat\u0131\u015flardaki art\u0131\u015fa ra\u011fmen k\u00e2rl\u0131l\u0131\u011f\u0131n neden bu kadar ciddi bir bask\u0131 alt\u0131na girdi\u011fini d\u00f6rt temel tespitle inceleyece\u011fiz.<\/p>\n<h3>1. Gelir-K\u00e2r Paradoksu: Sat\u0131\u015flar Art\u0131yor, Operasyonel K\u00e2r \u00c7\u00f6k\u00fcyor<\/h3>\n<p>\u0130lk bak\u0131\u015fta SODA\u015e i\u00e7in her \u015fey yolunda g\u00f6r\u00fcn\u00fcyor. \u015eirketin net sat\u0131\u015flar\u0131 (<code>C- NET SATI\u015eLAR<\/code>), 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 147,5 milyon TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde %17,6&#8217;l\u0131k bir art\u0131\u015fla 173,5 milyon TL&#8217;ye y\u00fckselmi\u015f. Ancak bu pozitif ciro b\u00fcy\u00fcmesi, k\u00e2rl\u0131l\u0131ktaki \u00e7\u00f6k\u00fc\u015f\u00fc gizlemeye yetmiyor.<\/p>\n<p>Hikayenin \u015fa\u015f\u0131rt\u0131c\u0131 k\u0131sm\u0131 burada ba\u015fl\u0131yor. %17,6&#8217;l\u0131k ciro art\u0131\u015f\u0131, operasyonel k\u00e2rl\u0131l\u0131ktaki dramatik d\u00fc\u015f\u00fc\u015fle tamamen etkisiz hale gelmi\u015f durumda:<\/p>\n<ul>\n<li><b>Br\u00fct Sat\u0131\u015f K\u00e2r\u0131 (<\/b><code><b>BR\u00dcT SATI\u015e KARI<\/b><\/code><b>)<\/b>: 2024&#8217;te 54,2 milyon TL iken %28,7&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 2025&#8217;te 38,7 milyon TL&#8217;ye gerilemi\u015f.<\/li>\n<li><b>Faaliyet K\u00e2r\u0131 (<\/b><code><b>FAAL\u0130YET KARI<\/b><\/code><b>)<\/b>: D\u00fc\u015f\u00fc\u015f \u00e7ok daha sert. 2024&#8217;te 28,5 milyon TL olan faaliyet k\u00e2r\u0131, %66,2&#8217;lik \u015fok bir d\u00fc\u015f\u00fc\u015fle 2025&#8217;te sadece 9,6 milyon TL&#8217;ye inmi\u015f.<\/li>\n<\/ul>\n<p>Bu keskin d\u00fc\u015f\u00fc\u015f\u00fcn arkas\u0131ndaki ana sebep, <b>Sat\u0131\u015flar\u0131n Maliyeti (<\/b><code><b>D- SATI\u015eLARIN MAL\u0130YET\u0130<\/b><\/code><b>)<\/b> kalemindeki orant\u0131s\u0131z art\u0131\u015f. Maliyetler, 93,3 milyon TL&#8217;den 134,9 milyon TL&#8217;ye f\u0131rlayarak sat\u0131\u015f gelirlerindeki art\u0131\u015f\u0131 eritmi\u015f durumda. Daha da \u00f6nemlisi, bu durum \u015firketin br\u00fct k\u00e2r marj\u0131nda ciddi bir erozyona yol a\u00e7t\u0131. Br\u00fct k\u00e2r marj\u0131 2024&#8217;te %36,7 gibi sa\u011fl\u0131kl\u0131 bir seviyedeyken, 2025&#8217;te %22,3&#8217;e geriledi. Bu marj daralmas\u0131, \u015firketin ana faaliyetlerinin verimlili\u011finin ne kadar bask\u0131 alt\u0131nda oldu\u011funu g\u00f6steren en net kan\u0131tt\u0131r.<\/p>\n<h3>2. Gizemli D\u00fc\u015f\u00fc\u015f: 14.7 Milyon TL&#8217;lik Gider Kalemi Buharla\u015ft\u0131<\/h3>\n<p>\u015eirketin k\u00e2rl\u0131l\u0131\u011f\u0131ndaki \u00e7\u00f6k\u00fc\u015f\u00fc daha da k\u00f6t\u00fc olmaktan kurtaran \u00e7ok \u00f6nemli bir detay var. 2024 y\u0131l\u0131nda 15,4 milyon TL olan <b>Di\u011fer Faaliyetlerden Ola\u011fan Gider ve Zararlar (<\/b><code><b>G- D\u0130\u011eER FAAL\u0130YETLERDEN OLA\u011eAN G\u0130DER VE ZARARLAR<\/b><\/code><b>)<\/b> kalemi, 2025&#8217;te sadece 1,9 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015f.<\/p>\n<p>Bu devasa fark\u0131n kayna\u011f\u0131 tek bir kalem: <b>&#8220;Enflasyon D\u00fczeltme Zararlar\u0131&#8221; (<\/b><code><b>658 -Enflasyon D\u00fczeltme Zararlar\u0131<\/b><\/code><b>)<\/b>.<\/p>\n<ul>\n<li><b>2024 Gideri<\/b>: 14.737.544,30 TL<\/li>\n<li><b>2025 Gideri<\/b>: 0,00 TL<\/li>\n<\/ul>\n<p>2024 bilan\u00e7osunda yakla\u015f\u0131k 14,7 milyon TL&#8217;lik bir y\u00fck olu\u015fturan bu giderin 2025&#8217;te tamamen ortadan kalkmas\u0131, tekrar etmesi beklenmeyen (non-recurring) \u00f6nemli bir kalem olarak \u00f6ne \u00e7\u0131k\u0131yor. Bu durum, 2025 y\u0131l\u0131 net k\u00e2r\u0131n\u0131 adeta bir tampon gibi korumu\u015f ve tablonun daha da olumsuz g\u00f6r\u00fcnmesini engellemi\u015ftir. Finansal performans\u0131 de\u011ferlendirirken, bu gibi s\u00fcreklilik arz etmeyen kalemlerin dip rakam \u00fczerindeki &#8220;makyajlay\u0131c\u0131&#8221; etkisini g\u00f6z ard\u0131 etmemek gerekir.<\/p>\n<h3>3. Odak De\u011fi\u015fimi: Faiz Gelirleri Neredeyse S\u0131f\u0131rlan\u0131rken, Kur Fark\u0131 Gelirleri Patlad\u0131<\/h3>\n<p>\u015eirketin faaliyet d\u0131\u015f\u0131 gelirlerindeki yap\u0131sal de\u011fi\u015fim, hazine y\u00f6netimi stratejisinde \u00f6nemli bir d\u00f6n\u00fc\u015f\u00fcme i\u015faret ediyor. <b>Di\u011fer Faaliyetlerden Ola\u011fan Gelir ve K\u00e2rlar (<\/b><code><b>F- D\u0130\u011eER FAAL\u0130YETLERDEN OLA\u011eAN GEL\u0130R VE KARLAR<\/b><\/code><b>)<\/b> kategorisindeki de\u011fi\u015fimler olduk\u00e7a \u00e7arp\u0131c\u0131:<\/p>\n<ul>\n<li><b>Faiz Gelirleri (<\/b><code><b>642 -Faiz Gelirleri<\/b><\/code><b>)<\/b>: 2024&#8217;te yakla\u015f\u0131k 4,5 milyon TL iken, 2025&#8217;te neredeyse s\u0131f\u0131rlanarak sadece 98 bin TL&#8217;ye d\u00fc\u015fm\u00fc\u015f.<\/li>\n<li><b>Kambiyo K\u00e2rlar\u0131 (<\/b><code><b>646 -Kambiyo K\u00e2rlar\u0131<\/b><\/code><b>)<\/b>: Tam tersine, 2024&#8217;te 8,4 milyon TL olan kur fark\u0131 gelirleri, 2025&#8217;te 13,5 milyon TL&#8217;ye f\u0131rlam\u0131\u015f.<\/li>\n<li><b>Menkul K\u0131ymet Sat\u0131\u015f Karlar\u0131 (<\/b><code><b>645 -Menkul K\u0131ymet Sat\u0131\u015f Karlar\u0131<\/b><\/code><b>)<\/b>: Bu gelir de 5,3 milyon TL&#8217;den 6,4 milyon TL&#8217;ye y\u00fckselerek aktif portf\u00f6y y\u00f6netimini desteklemi\u015f.<\/li>\n<\/ul>\n<p>Bu veriler, \u015firketin nakit y\u00f6netiminde faiz getirili varl\u0131klardan uzakla\u015f\u0131p d\u00f6viz ve menkul k\u0131ymet al\u0131m-sat\u0131m\u0131na dayal\u0131 daha aktif ve potansiyel olarak daha riskli bir stratejiye ge\u00e7ti\u011fini g\u00f6steriyor. Kambiyo k\u00e2rlar\u0131ndaki art\u0131\u015f pozitif g\u00f6r\u00fcnse de, Kambiyo Zararlar\u0131 (<code>656<\/code>) kaleminin de varl\u0131\u011f\u0131, \u015firketin kur dalgalanmalar\u0131na olan maruziyetinin topyek\u00fbn artt\u0131\u011f\u0131n\u0131 ortaya koyuyor. Bu stratejik de\u011fi\u015fim, daha y\u00fcksek getiri potansiyeli sunarken ayn\u0131 zamanda daha y\u00fcksek volatilite riski de ta\u015f\u0131yor.<\/p>\n<h3>4. At\u0131l Kapasitenin Maliyeti: Bilan\u00e7odaki G\u00f6r\u00fcnmez Y\u00fck B\u00fcy\u00fcyor<\/h3>\n<p>Gelir tablosunun derinliklerinde gizlenen ve \u015firketin operasyonel verimlili\u011findeki en b\u00fcy\u00fck krizi g\u00f6zler \u00f6n\u00fcne seren bir kalem var: <b>&#8220;\u00c7al\u0131\u015fmayan K\u0131s\u0131m Gider ve Zararlar\u0131&#8221; (<\/b><code><b>680 -\u00c7al\u0131\u015fmayan K\u0131s\u0131m Gider ve Zararlar\u0131<\/b><\/code><b>)<\/b>. Bu kalem, at\u0131l \u00fcretim kapasitesinin maliyetini temsil eder ve SODA\u015e i\u00e7in kronik ve giderek b\u00fcy\u00fcyen bir sorun haline gelmi\u015ftir.<\/p>\n<ul>\n<li><b>2024 Gideri<\/b>: 16.725.228,91 TL<\/li>\n<li><b>2025 Gideri<\/b>: 19.516.404,67 TL<\/li>\n<\/ul>\n<p>Bu rakamlar\u0131n ger\u00e7ek y\u0131k\u0131c\u0131 etkisi, br\u00fct k\u00e2ra oranland\u0131\u011f\u0131nda ortaya \u00e7\u0131k\u0131yor. 2024 y\u0131l\u0131nda bu gider kalemi, br\u00fct k\u00e2r\u0131n <b>%30,9&#8217;unu<\/b> t\u00fcketiyordu. 2025&#8217;te ise durum \u00e7ok daha vahim bir hal ald\u0131: 19,5 milyon TL&#8217;lik at\u0131l kapasite maliyeti, yarat\u0131lan 38,7 milyon TL&#8217;lik br\u00fct k\u00e2r\u0131n <b>%50,5&#8217;ini<\/b>, yani yar\u0131s\u0131ndan fazlas\u0131n\u0131 yuttu. Bu tek bir gider kalemi, \u015firketin ana faaliyetlerinden elde etti\u011fi k\u00e2r\u0131n yar\u0131s\u0131n\u0131 tek ba\u015f\u0131na yok ediyor ve \u015firketin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu en temel operasyonel sorunun alt\u0131n\u0131 \u00e7iziyor.<\/p>\n<h3>Sonu\u00e7<\/h3>\n<p>SODA\u015e Sodyum Sanayii A.\u015e.&#8217;nin gelir tablolar\u0131, finansal raporlar\u0131n sadece ana ba\u015fl\u0131klardan ibaret olmad\u0131\u011f\u0131n\u0131 g\u00f6steren \u00e7arp\u0131c\u0131 bir \u00f6rnek sunuyor. Sat\u0131\u015flardaki etkileyici art\u0131\u015f, artan maliyetler, daralan marjlar ve operasyonel verimsizlikler nedeniyle k\u00e2rl\u0131l\u0131\u011fa yans\u0131mam\u0131\u015f durumda. Enflasyon d\u00fczeltme zarar\u0131 gibi tek seferlik bir etkinin ortadan kalkmas\u0131 bilan\u00e7oyu desteklerken, at\u0131l kapasite maliyetleri gibi yap\u0131sal sorunlar k\u00e2rl\u0131l\u0131k \u00fczerinde kal\u0131c\u0131 ve y\u0131k\u0131c\u0131 bir bask\u0131 olu\u015fturmaya devam ediyor.<\/p>\n<p>SODA\u015e&#8217;\u0131n etkileyici sat\u0131\u015f b\u00fcy\u00fcmesini s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fcrmesi i\u00e7in artan maliyetlerini ve operasyonel verimlili\u011fini nas\u0131l y\u00f6netece\u011fini izlemek kritik olacak. \u015eirket, bu zorlu dengeyi kurabilecek mi? Gelecek d\u00f6nem finansallar\u0131 bu sorunun cevab\u0131n\u0131 verecektir.<\/p>\n<p>&nbsp;<\/p>\n<p><!--more--><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">SODA\u015e SODYUM SANAY\u0130\u0130 A.\u015e. Finansal Performans Analizi: 2024-2025 \u0130lk Dokuz Ayl\u0131k Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, SODA\u015e SODYUM SANAY\u0130\u0130 A.\u015e.&#8217;nin 2024 ve 2025 y\u0131llar\u0131n\u0131n ilk dokuz ayl\u0131k (01.01-30.09) d\u00f6nemlerine ait gelir tablolar\u0131n\u0131 kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak analiz etmektedir. Analiz, \u015firketin sat\u0131\u015f gelirlerinde \u00f6nemli bir art\u0131\u015f olmas\u0131na ra\u011fmen, karl\u0131l\u0131\u011f\u0131n\u0131n t\u00fcm seviyelerde ciddi \u015fekilde a\u015f\u0131nd\u0131\u011f\u0131n\u0131 ortaya koymaktad\u0131r.<\/p>\n<p>2025 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6neminde br\u00fct sat\u0131\u015flar yakla\u015f\u0131k %19,5 artarak 150,4 milyon TL&#8217;den 179,7 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Ancak bu ciro art\u0131\u015f\u0131 karl\u0131l\u0131\u011fa yans\u0131mam\u0131\u015ft\u0131r. Sat\u0131\u015flar\u0131n maliyetindeki orant\u0131s\u0131z art\u0131\u015f, br\u00fct sat\u0131\u015f kar\u0131n\u0131n 54,2 milyon TL&#8217;den 38,7 milyon TL&#8217;ye gerilemesine neden olmu\u015f, bu da br\u00fct kar marj\u0131nda keskin bir d\u00fc\u015f\u00fc\u015fe i\u015faret etmektedir.<\/p>\n<p>Faaliyet giderlerindeki art\u0131\u015fla birle\u015fen bu durum, \u015firketin ana faaliyetlerinden elde etti\u011fi kar\u0131n (Faaliyet Kar\u0131) %66&#8217;n\u0131n \u00fczerinde bir d\u00fc\u015f\u00fc\u015fle 28,5 milyon TL&#8217;den 9,6 milyon TL&#8217;ye \u00e7\u00f6kmesine yol a\u00e7m\u0131\u015ft\u0131r. 2024 y\u0131l\u0131nda kaydedilen yakla\u015f\u0131k 14,7 milyon TL&#8217;lik enflasyon d\u00fczeltme zarar\u0131n\u0131n 2025&#8217;te olmamas\u0131, Ola\u011fan Kar seviyesindeki d\u00fc\u015f\u00fc\u015f\u00fc s\u0131n\u0131rlam\u0131\u015f olsa da, artan ola\u011fand\u0131\u015f\u0131 giderler ve operasyonel zay\u0131fl\u0131k, d\u00f6nem kar\u0131n\u0131 14,4 milyon TL&#8217;den 8,2 milyon TL&#8217;ye indirmi\u015ftir. Sonu\u00e7 olarak, vergi sonras\u0131 net karl\u0131l\u0131kta da belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6zlenmektedir.<\/p>\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<h2>Detayl\u0131 Finansal Analiz<\/h2>\n<h3>1. Sat\u0131\u015f Performans\u0131 ve Br\u00fct Karl\u0131l\u0131k<\/h3>\n<p>\u015eirketin sat\u0131\u015f gelirleri 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda nominal olarak art\u0131\u015f g\u00f6stermi\u015ftir. Ancak bu art\u0131\u015f, maliyetlerdeki y\u00fckseli\u015fle g\u00f6lgede kalm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Br\u00fct Sat\u0131\u015flar:<\/b> 2024&#8217;te 150.391.044,73 TL iken, 2025&#8217;te 179.677.093,42 TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n tamam\u0131 Yurti\u00e7i Sat\u0131\u015flar kaleminden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Net Sat\u0131\u015flar:<\/b> Sat\u0131\u015f indirimlerindeki art\u0131\u015fa paralel olarak Net Sat\u0131\u015flar 147.519.581,55 TL&#8217;den 173.532.085,02 TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Sat\u0131\u015flar\u0131n Maliyeti (SMM):<\/b> Karl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f\u00fcn ana nedeni bu kalemde yatmaktad\u0131r. SMM, 2024&#8217;teki 93.322.849,79 TL seviyesinden %44,5&#8217;lik bir art\u0131\u015fla 2025&#8217;te 134.877.001,56 TL&#8217;ye f\u0131rlam\u0131\u015ft\u0131r. Bu art\u0131\u015f oran\u0131, net sat\u0131\u015flardaki art\u0131\u015f oran\u0131n\u0131n \u00e7ok \u00fczerindedir.<\/li>\n<li><b>Br\u00fct Sat\u0131\u015f Kar\u0131:<\/b> Maliyetlerdeki keskin art\u0131\u015f sonucunda, Br\u00fct Sat\u0131\u015f Kar\u0131 2024&#8217;teki 54.196.731,76 TL seviyesinden %28,7 oran\u0131nda azalarak 2025&#8217;te 38.655.083,46 TL&#8217;ye gerilemi\u015ftir. Bu durum, \u015firketin temel \u00fcr\u00fcn\/hizmet karl\u0131l\u0131\u011f\u0131n\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde zay\u0131flad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n<h3>2. Faaliyet Karl\u0131l\u0131\u011f\u0131<\/h3>\n<p>Operasyonel verimlilik, artan giderler ve azalan br\u00fct kar nedeniyle ciddi \u015fekilde bask\u0131 alt\u0131na girmi\u015ftir.<\/p>\n<ul>\n<li><b>Faaliyet Giderleri:<\/b> Toplam faaliyet giderleri 25.736.255,41 TL&#8217;den 29.033.675,76 TL&#8217;ye y\u00fckselmi\u015ftir.\n<ul>\n<li><b>Pazarlama, Sat\u0131\u015f ve Da\u011f\u0131t\u0131m Giderleri:<\/b> 815.421,50 TL&#8217;den 1.480.628,47 TL&#8217;ye \u00e7\u0131karak belirgin bir art\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 24.920.833,91 TL&#8217;den 27.553.047,29 TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Faaliyet Kar\u0131:<\/b> Azalan br\u00fct kar ve artan faaliyet giderlerinin birle\u015fik etkisiyle Faaliyet Kar\u0131, 28.460.476,35 TL&#8217;den 9.621.407,70 TL&#8217;ye d\u00fc\u015ferek %66,2&#8217;lik bir \u00e7\u00f6k\u00fc\u015f ya\u015fam\u0131\u015ft\u0131r. Bu, \u015firketin ana operasyonel performans\u0131nda dramatik bir bozulmaya i\u015faret etmektedir.<\/li>\n<\/ul>\n<h3>3. Faaliyet D\u0131\u015f\u0131 Gelir ve Giderler<\/h3>\n<p>Faaliyet d\u0131\u015f\u0131 kalemler, 2025 y\u0131l\u0131nda Ola\u011fan Kar seviyesini desteklemi\u015f, ancak bu durum operasyonel zay\u0131fl\u0131\u011f\u0131 maskelemi\u015ftir.<\/p>\n<ul>\n<li><b>Di\u011fer Faaliyetlerden Ola\u011fan Gelir ve Karlar:<\/b> Bu kalem, 18.605.140,13 TL&#8217;den 20.552.410,42 TL&#8217;ye hafif bir art\u0131\u015f g\u00f6stermi\u015ftir.\n<ul>\n<li><b>Kambiyo Karlar\u0131:<\/b> 8.368.553,87 TL&#8217;den 13.469.566,85 TL&#8217;ye y\u00fckselerek bu kategorideki art\u0131\u015f\u0131n ana motoru olmu\u015ftur.<\/li>\n<li><b>Faiz Gelirleri:<\/b> 4.494.140,19 TL&#8217;den 98.733,83 TL&#8217;ye d\u00fc\u015ferek \u00e7ok sert bir gerileme kaydetmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Di\u011fer Faaliyetlerden Ola\u011fan Gider ve Zararlar:<\/b> Bu kalemde dramatik bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. 2024&#8217;te 15.418.399,87 TL olan bu gider, 2025&#8217;te 1.887.222,90 TL&#8217;ye inmi\u015ftir.\n<ul>\n<li><b>Enflasyon D\u00fczeltme Zararlar\u0131:<\/b> Bu d\u00fc\u015f\u00fc\u015f\u00fcn tek ve en \u00f6nemli nedeni, 2024&#8217;te kaydedilen 14.737.544,30 TL&#8217;lik Enflasyon D\u00fczeltme Zarar\u0131&#8217;n\u0131n 2025&#8217;te tekrar etmemesidir. Bu durum, Ola\u011fan Kar rakam\u0131n\u0131n oldu\u011fundan daha iyi g\u00f6r\u00fcnmesine neden olmu\u015ftur.<\/li>\n<\/ul>\n<\/li>\n<li><b>Ola\u011fan Kar:<\/b> Operasyonel kardaki b\u00fcy\u00fck d\u00fc\u015f\u00fc\u015fe ra\u011fmen, enflasyon d\u00fczeltme zarar\u0131n\u0131n ortadan kalkmas\u0131 sayesinde Ola\u011fan Kar, 31.647.216,61 TL&#8217;den 28.255.441,61 TL&#8217;ye sadece s\u0131n\u0131rl\u0131 bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/li>\n<\/ul>\n<h3>4. Ola\u011fand\u0131\u015f\u0131 Kalemler ve Net Kar<\/h3>\n<p>Ola\u011fand\u0131\u015f\u0131 giderlerdeki art\u0131\u015f, d\u00f6nem kar\u0131 \u00fczerinde ek bir bask\u0131 unsuru olmu\u015ftur.<\/p>\n<ul>\n<li><b>Ola\u011fand\u0131\u015f\u0131 Gider ve Zararlar:<\/b> 17.384.810,39 TL&#8217;den 20.659.960,59 TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n temel sebebi, <b>\u00c7al\u0131\u015fmayan K\u0131s\u0131m Gider ve Zararlar\u0131<\/b> kaleminin 16.725.228,91 TL&#8217;den 19.516.404,67 TL&#8217;ye \u00e7\u0131kmas\u0131d\u0131r.<\/li>\n<li><b>D\u00f6nem Kar\u0131 (Vergi \u00d6ncesi):<\/b> T\u00fcm bu geli\u015fmeler sonucunda vergi \u00f6ncesi kar, 2024&#8217;teki 14.387.488,47 TL seviyesinden %43&#8217;e yak\u0131n bir d\u00fc\u015f\u00fc\u015fle 2025&#8217;te 8.205.470,25 TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Vergi ve D\u00f6nem Net Kar\u0131:<\/b>\n<ul>\n<li><b>Vergi Kar\u015f\u0131l\u0131klar\u0131:<\/b> D\u00fc\u015fen kara paralel olarak vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc 5.026.279,69 TL&#8217;den 3.228.233,73 TL&#8217;ye inmi\u015ftir.<\/li>\n<li><b>D\u00f6nem Net Kar\u0131:<\/b> 2024 y\u0131l\u0131 i\u00e7in raporlanan net kar 9.361.208,78 TL&#8217;dir. 2025 y\u0131l\u0131 i\u00e7in vergi sonras\u0131 net kar yakla\u015f\u0131k 4.977.236,52 TL olarak hesaplanmaktad\u0131r, bu da net karl\u0131l\u0131kta %46,8&#8217;lik bir d\u00fc\u015f\u00fc\u015fe i\u015faret etmektedir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u00d6nemli Not<\/h3>\n<p>2025 y\u0131l\u0131 gelir tablosu belgesinde \u015fu ifade yer almaktad\u0131r: &#8220;A\u015fa\u011f\u0131daki tablo ge\u00e7ici vergi beyannamesi ekinde vergi dairesine sunulmu\u015f olup, sermaye piyasas\u0131 mevzuat\u0131na g\u00f6re d\u00fczenlenmemi\u015ftir.&#8221; Bu durum, tablonun sunum ve i\u00e7erik a\u00e7\u0131s\u0131ndan sermaye piyasas\u0131 standartlar\u0131ndan farkl\u0131l\u0131k g\u00f6sterebilece\u011fini belirtmektedir.<\/p>\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<h2>Kar\u015f\u0131la\u015ft\u0131rmal\u0131 Gelir Tablosu (TL)<\/h2>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalemler<\/td>\n<td>2024 (01.01 &#8211; 30.09)<\/td>\n<td>2025 (01.01 &#8211; 30.09)<\/td>\n<\/tr>\n<tr>\n<td><b>A- BR\u00dcT SATI\u015eLAR<\/b><\/td>\n<td><b>150.391.044,73<\/b><\/td>\n<td><b>179.677.093,42<\/b><\/td>\n<\/tr>\n<tr>\n<td>Yurti\u00e7i Sat\u0131\u015flar<\/td>\n<td>149.837.022,29<\/td>\n<td>177.534.063,45<\/td>\n<\/tr>\n<tr>\n<td>Yurtd\u0131\u015f\u0131 Sat\u0131\u015flar<\/td>\n<td>0,00<\/td>\n<td>0,00<\/td>\n<\/tr>\n<tr>\n<td><b>B- SATI\u015e \u0130ND\u0130R\u0130MLER\u0130 (-)<\/b><\/td>\n<td><b>2.871.463,18<\/b><\/td>\n<td><b>6.145.008,40<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>C- NET SATI\u015eLAR<\/b><\/td>\n<td><b>147.519.581,55<\/b><\/td>\n<td><b>173.532.085,02<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D- SATI\u015eLARIN MAL\u0130YET\u0130 (-)<\/b><\/td>\n<td><b>93.322.849,79<\/b><\/td>\n<td><b>134.877.001,56<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>BR\u00dcT SATI\u015e KARI<\/b><\/td>\n<td><b>54.196.731,76<\/b><\/td>\n<td><b>38.655.083,46<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>E- FAAL\u0130YET G\u0130DERLER\u0130 (-)<\/b><\/td>\n<td><b>25.736.255,41<\/b><\/td>\n<td><b>29.033.675,76<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pazarlama, Sat\u0131\u015f ve Da\u011f\u0131t\u0131m Giderleri<\/td>\n<td>815.421,50<\/td>\n<td>1.480.628,47<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri<\/td>\n<td>24.920.833,91<\/td>\n<td>27.553.047,29<\/td>\n<\/tr>\n<tr>\n<td><b>FAAL\u0130YET KARI<\/b><\/td>\n<td><b>28.460.476,35<\/b><\/td>\n<td><b>9.621.407,70<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>F- D\u0130\u011eER FAAL\u0130YETLERDEN OLA\u011eAN GEL\u0130R VE KARLAR<\/b><\/td>\n<td><b>18.605.140,13<\/b><\/td>\n<td><b>20.552.410,42<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>G- D\u0130\u011eER FAAL\u0130YETLERDEN OLA\u011eAN G\u0130DER VE ZARARLAR (-)<\/b><\/td>\n<td><b>15.418.399,87<\/b><\/td>\n<td><b>1.887.222,90<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Enflasyon D\u00fczeltme Zararlar\u0131<\/i><\/td>\n<td><i>14.737.544,30<\/i><\/td>\n<td><i>0,00<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>H- F\u0130NANSMAN G\u0130DERLER\u0130 (-)<\/b><\/td>\n<td><b>0,00<\/b><\/td>\n<td><b>31.153,61<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>OLA\u011eAN KAR<\/b><\/td>\n<td><b>31.647.216,61<\/b><\/td>\n<td><b>28.255.441,61<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>I- OLA\u011eANDI\u015eI GEL\u0130R VE KARLAR<\/b><\/td>\n<td><b>125.082,25<\/b><\/td>\n<td><b>609.989,23<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>J- OLA\u011eANDI\u015eI G\u0130DER VE ZARARLAR (-)<\/b><\/td>\n<td><b>17.384.810,39<\/b><\/td>\n<td><b>20.659.960,59<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00d6NEM KARI<\/b><\/td>\n<td><b>14.387.488,47<\/b><\/td>\n<td><b>8.205.470,25<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K- VERG\u0130 VE D\u0130\u011eER YASAL Y\u00dcK\u00dcML\u00dcL\u00dcK KAR\u015eILIKLARI (-)<\/b><\/td>\n<td><b>5.026.279,69<\/b><\/td>\n<td><b>3.228.233,73<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00d6NEM NET KARI<\/b><\/td>\n<td><b>9.361.208,78<\/b><\/td>\n<td><b>&#8211;<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<button class=\"simplefavorite-button\" data-postid=\"33\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>SODA\u015e&#8217;\u0131n Finansal Tablolar\u0131 Mercek Alt\u0131nda: Sat\u0131\u015flar Artarken K\u00e2rlar Neden Eridi? 4 \u015ea\u015f\u0131rt\u0131c\u0131 Tespit Bir \u015firketin sat\u0131\u015flar\u0131 art\u0131yorsa, k\u00e2r\u0131n\u0131n da artmas\u0131 beklenir, de\u011fil mi? \u00c7o\u011fu zaman evet, ancak SODA\u015e Sodyum Sanayii A.\u015e.&#8217;nin son finansal verileri, bu varsay\u0131m\u0131n her zaman do\u011fru olmad\u0131\u011f\u0131n\u0131&#8230; <\/p>\n","protected":false},"author":1,"featured_media":60,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,3],"class_list":["post-33","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-sodsn"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/33","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=33"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/33\/revisions"}],"predecessor-version":[{"id":78,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/33\/revisions\/78"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/60"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=33"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=33"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=33"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}