{"id":395,"date":"2025-12-23T19:17:29","date_gmt":"2025-12-23T16:17:29","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=395"},"modified":"2025-12-23T19:17:29","modified_gmt":"2025-12-23T16:17:29","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ulufa-ulusal-faktoring-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/395","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ULUFA | Ulusal Faktoring 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ULUFA | Ulusal Faktoring 2025\/9 Bilan\u00e7o Analizi | Finansal ve Operasyonel Sonu\u00e7lar \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/GKZdNFy22Kc?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>Rakamlar\u0131n Ard\u0131ndaki Hikaye: Ulusal Faktoring&#8217;in 2025 Performans\u0131ndan 5 \u00c7arp\u0131c\u0131 \u00c7\u0131kar\u0131m<\/h1>\n<h3>Giri\u015f: Finansal Raporlar\u0131n So\u011fuk Y\u00fcz\u00fcn\u00fcn \u00d6tesi<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 ve so\u011fuk belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n ard\u0131nda, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelecek vizyonu hakk\u0131nda \u00e7arp\u0131c\u0131 hikayeler bar\u0131n\u0131r. Ulusal Faktoring&#8217;in 30 Eyl\u00fcl 2025 raporu, y\u00fczeyde bir b\u00fcy\u00fcme zaferi, derinde ise maliyet bask\u0131lar\u0131 ve cesur stratejik kumarla dolu bir hikaye anlat\u0131yor. \u0130\u015fte bilan\u00e7olar\u0131n \u00f6tesine ge\u00e7en be\u015f kritik \u00e7\u0131kar\u0131m.<\/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<h3>1. B\u00fcy\u00fcme Paradoksu: Varl\u0131klar U\u00e7arken K\u00e2r Neden D\u00fc\u015ft\u00fc?<\/h3>\n<p>Ulusal Faktoring, 2025&#8217;in ilk dokuz ay\u0131nda etkileyici bir b\u00fcy\u00fcme sergiledi. \u015eirketin toplam varl\u0131klar\u0131, 31 Aral\u0131k 2024&#8217;teki 11,5 milyar TL seviyesinden, 30 Eyl\u00fcl 2025 itibar\u0131yla 14,7 milyar TL&#8217;ye f\u0131rlad\u0131. Bu, bilan\u00e7onun aktif taraf\u0131nda g\u00fc\u00e7l\u00fc bir geni\u015flemeye i\u015faret ediyor.<\/p>\n<p>Ancak bu etkileyici b\u00fcy\u00fcmenin madalyonun di\u011fer y\u00fcz\u00fcnde ilgin\u00e7 bir paradoks yat\u0131yor: \u015eirketin k\u00e2rl\u0131l\u0131\u011f\u0131 ayn\u0131 h\u0131zda artmad\u0131, aksine d\u00fc\u015ft\u00fc. 2025&#8217;in ilk dokuz ay\u0131nda elde edilen 458,6 milyon TL&#8217;lik net k\u00e2r, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 708,8 milyon TL&#8217;lik net k\u00e2r\u0131n gerisinde kald\u0131. Bu durumun arkas\u0131ndaki temel nedenler ise raporda a\u00e7\u0131k\u00e7a g\u00f6r\u00fcl\u00fcyor:<\/p>\n<ul>\n<li><b>Artan Fonlama Maliyetleri:<\/b> \u015eirketin finansman giderleri, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 2,6 milyar TL&#8217;den 4,2 milyar TL&#8217;ye y\u00fckselmi\u015f. Bu, bor\u00e7lanma maliyetlerindeki art\u0131\u015f\u0131n k\u00e2r marjlar\u0131 \u00fczerinde ne denli b\u00fcy\u00fck bir bask\u0131 olu\u015fturdu\u011funu g\u00f6steriyor.<\/li>\n<li><b>Artan Risk Kar\u015f\u0131l\u0131klar\u0131:<\/b> Takipteki alacaklar i\u00e7in ayr\u0131lan kar\u015f\u0131l\u0131klar da 209 milyon TL&#8217;den 561 milyon TL&#8217;ye \u00e7\u0131karak neredeyse \u00fc\u00e7e katlanm\u0131\u015f. Bu, b\u00fcy\u00fcmenin getirdi\u011fi risklerin de artt\u0131\u011f\u0131n\u0131 ve \u015firketin bu risklere kar\u015f\u0131 ihtiyatl\u0131 bir duru\u015f sergiledi\u011fini ortaya koyuyor.<\/li>\n<\/ul>\n<p><b>Analiz:<\/b> Bu veriler, Ulusal Faktoring&#8217;in y\u00fcksek maliyetli ve riskli bir ekonomik ortamda ne kadar agresif bir b\u00fcy\u00fcme stratejisi izledi\u011fini g\u00f6steriyor. Bilan\u00e7o b\u00fcy\u00fcrken k\u00e2rl\u0131l\u0131\u011f\u0131n d\u00fc\u015fmesi, \u015firketin pazar pay\u0131 kazanmak i\u00e7in k\u0131sa vadeli k\u00e2rl\u0131l\u0131ktan bilin\u00e7li olarak feragat etti\u011fini g\u00f6steren, y\u00fcksek riskli oldu\u011fu kadar y\u00fcksek potansiyelli bir &#8220;b\u00fcy\u00fcme her \u015feyden \u00f6nemlidir&#8221; stratejisidir.<\/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<h3>2. Sermaye B\u00fcy\u00fcs\u00fc: 4 Kat Art\u0131\u015f\u0131n Ard\u0131ndaki Teknik Detay<\/h3>\n<p>\u0130lk bak\u0131\u015fta en \u00e7ok dikkat \u00e7eken rakamlardan biri, \u015firketin \u00f6denmi\u015f sermayesindeki devasa art\u0131\u015f. Ulusal Faktoring&#8217;in \u00f6denmi\u015f sermayesi 133,5 milyon TL&#8217;den 540 milyon TL&#8217;ye \u00e7\u0131karak yakla\u015f\u0131k d\u00f6rt kat\u0131na f\u0131rlad\u0131. Bu, genellikle piyasada b\u00fcy\u00fck bir nakit giri\u015fi veya birle\u015fme olarak alg\u0131lanabilecek bir hamledir.<\/p>\n<p>Ancak raporun dipnotlar\u0131, bu art\u0131\u015f\u0131n arkas\u0131ndaki teknik detay\u0131 ortaya koyuyor: Bu art\u0131\u015f, yeni bir nakit giri\u015fiyle de\u011fil, &#8220;i\u00e7 kaynaklardan ger\u00e7ekle\u015ftirilen bedelsiz sermaye art\u0131r\u0131m\u0131&#8221; yoluyla yap\u0131ld\u0131. Basit bir dille ifade etmek gerekirse, \u015firket birikmi\u015f k\u00e2r yedeklerini sermayesine ekledi.<\/p>\n<p><b>Analiz:<\/b> Bu hamle, \u015firketin sermaye yap\u0131s\u0131n\u0131 k\u00e2\u011f\u0131t \u00fczerinde \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirirken, kasas\u0131na yeni bir para giri\u015fi sa\u011flamad\u0131. Bu durum, \u015firketin d\u0131\u015far\u0131dan bir kaynak bulmak yerine, kendi birikmi\u015f kaynaklar\u0131na olan g\u00fcveninin ve bu kaynaklar\u0131 sermayesine dahil ederek bilan\u00e7osunu daha sa\u011flam bir temele oturtma stratejisinin net bir i\u015faretidir.<\/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<h3>3. Kendine Oynanan Bahis: 150 Milyon TL&#8217;lik Hisse Geri Al\u0131m\u0131<\/h3>\n<p>2025 y\u0131l\u0131nda Ulusal Faktoring, olduk\u00e7a cesur bir stratejik hamleye imza att\u0131 ve piyasadan tam olarak 149.997.202,82 TL tutar\u0131nda kendi hissesini geri sat\u0131n ald\u0131. Bu geri al\u0131m, \u015firket sermayesinin %6,894&#8217;\u00fcne tekab\u00fcl eden \u00f6nemli bir orand\u0131r.<\/p>\n<p>Hisse geri al\u0131m\u0131, bir \u015firketin kendi nakit kaynaklar\u0131n\u0131 kullanarak, hisselerinin piyasa de\u011ferinin alt\u0131nda oldu\u011funa inand\u0131\u011f\u0131n\u0131 ve gelecekteki potansiyeline g\u00fcvendi\u011fini g\u00f6stermesinin en net yollar\u0131ndan biridir.<\/p>\n<p><b>Analiz:<\/b> \u015eirketin bir yandan agresif bir b\u00fcy\u00fcme ve \u015fubele\u015fme hamlesi yaparken, di\u011fer yandan bu kadar \u00f6nemli bir kayna\u011f\u0131 hisse geri al\u0131m\u0131na ay\u0131rmas\u0131 dikkat \u00e7ekicidir. Bu durum, y\u00f6netimin \u015firketin gelecekteki de\u011ferine olan g\u00fc\u00e7l\u00fc inanc\u0131n\u0131 g\u00f6steren ve mevcut hissedarlara &#8220;biz kendimize inan\u0131yoruz&#8221; mesaj\u0131 veren cesur bir stratejik hamle olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/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<h3>4. Sadece Faktoring De\u011fil: Teknoloji ve \u0130nsana Yat\u0131r\u0131m Stratejisi<\/h3>\n<p>Ulusal Faktoring&#8217;in b\u00fcy\u00fcme hikayesi sadece faktoring alacaklar\u0131ndan ve bilan\u00e7o rakamlar\u0131ndan ibaret de\u011fil. Raporlar, \u015firketin gelece\u011fe y\u00f6nelik ikili bir yat\u0131r\u0131m stratejisi izledi\u011fini g\u00f6zler \u00f6n\u00fcne seriyor:<\/p>\n<ol>\n<li><b>Teknoloji Yat\u0131r\u0131m\u0131:<\/b> \u015eirket, 2024 y\u0131l\u0131nda &#8220;Ulusal Finans Teknolojileri Anonim \u015eirketi&#8221; ad\u0131yla bir teknoloji i\u015ftiraki kurdu. 2025 y\u0131l\u0131nda ise bu i\u015ftirakin sermayesini 10 milyon TL&#8217;den 50 milyon TL&#8217;ye \u00e7\u0131kararak teknolojiye olan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 peki\u015ftirdi.<\/li>\n<li><b>\u0130nsan ve Saha Yat\u0131r\u0131m\u0131:<\/b> Teknolojiye yat\u0131r\u0131m yaparken geleneksel kanallar\u0131 da ihmal etmeyen \u015firket, \u015fube say\u0131s\u0131n\u0131 44&#8217;e, \u00e7al\u0131\u015fan say\u0131s\u0131n\u0131 538&#8217;e ve KOB\u0130 odakl\u0131 m\u00fc\u015fteri say\u0131s\u0131n\u0131 11.470&#8217;e y\u00fckseltti.<\/li>\n<\/ol>\n<p><b>Analiz:<\/b> Bu ikili yakla\u015f\u0131m, \u015firketin hem mevcut KOB\u0130 pazar\u0131n\u0131n dokusuna hitap eden fiziksel eri\u015fimini korumas\u0131n\u0131 hem de gelecekteki verimlilik ve \u00f6l\u00e7eklenebilirli\u011fi dijital kanallarla g\u00fcvence alt\u0131na almas\u0131n\u0131 sa\u011flayan ak\u0131ll\u0131 bir portf\u00f6y y\u00f6netimidir. \u015eirket, bir yandan KOB\u0130&#8217;lere daha yak\u0131n olmak i\u00e7in geleneksel \u015fube a\u011f\u0131n\u0131 geni\u015fletirken, di\u011fer yandan finans sekt\u00f6r\u00fcn\u00fcn gelece\u011fini \u015fekillendirecek olan finansal teknolojilere (fintech) ciddi yat\u0131r\u0131mlar yaparak dijital d\u00f6n\u00fc\u015f\u00fcme haz\u0131rlan\u0131yor.<\/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<h3>5. Y\u00f6netim Kat\u0131nda Bir S\u00fcrpriz: %50 Kad\u0131n Y\u00f6netim Kurulu \u00dcyesi Oran\u0131<\/h3>\n<p>Finansal raporlar\u0131n genellikle en az dikkat \u00e7eken b\u00f6l\u00fcmlerinden biri olan kurumsal y\u00f6netim sayfalar\u0131nda, T\u00fcrkiye finans sekt\u00f6r\u00fc i\u00e7in olduk\u00e7a ileri bir g\u00f6sterge sakl\u0131. Ulusal Faktoring&#8217;in 8 ki\u015filik y\u00f6netim kurulunun 4 \u00fcyesi kad\u0131nlardan olu\u015fuyor. Bu da y\u00f6netim kurulunda %50&#8217;lik bir kad\u0131n temsil oran\u0131na tekab\u00fcl ediyor.<\/p>\n<p><b>Analiz:<\/b> T\u00fcrkiye&#8217;de Borsa \u0130stanbul&#8217;a kote \u015firketlerde kad\u0131n y\u00f6netim kurulu \u00fcyesi oran\u0131n\u0131n ortalama %20&#8217;nin alt\u0131nda oldu\u011fu bir ortamda, Ulusal Faktoring&#8217;in ula\u015ft\u0131\u011f\u0131 bu %50&#8217;lik oran, \u015firketi sadece bir finansal oyuncu olarak de\u011fil, ayn\u0131 zamanda kurumsal y\u00f6netim alan\u0131nda bir \u00f6nc\u00fc olarak konumland\u0131r\u0131yor. Bu durum, \u015firketin sadece finansal ba\u015far\u0131ya de\u011fil, ayn\u0131 zamanda \u00e7e\u015fitlili\u011fe, kapsay\u0131c\u0131l\u0131\u011fa ve modern y\u00f6netim ilkelerine de ne kadar \u00f6nem verdi\u011finin g\u00fc\u00e7l\u00fc bir i\u015fareti olarak kabul edilmelidir.<\/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<h3>Sonu\u00e7: Rakamlar\u0131n F\u0131s\u0131ldad\u0131\u011f\u0131 Gelecek<\/h3>\n<p>Ulusal Faktoring&#8217;in 2025 y\u0131l\u0131 ilk dokuz ayl\u0131k performans\u0131, y\u00fczeydeki rakamlar\u0131n \u00f6tesinde karma\u015f\u0131k ve cesur bir hikaye anlat\u0131yor. K\u00e2rl\u0131l\u0131k pahas\u0131na agresif b\u00fcy\u00fcme, bedelsiz sermaye art\u0131\u015f\u0131yla g\u00fc\u00e7lendirilen bilan\u00e7o yap\u0131s\u0131, y\u00f6netimin kendine olan inanc\u0131n\u0131 g\u00f6steren hisse geri al\u0131m\u0131, teknoloji ve insana yap\u0131lan ikili yat\u0131r\u0131m ve y\u00f6netim kurulundaki %50&#8217;lik kad\u0131n oran\u0131, \u015firketin stratejik y\u00f6nelimini net bir \u015fekilde ortaya koyuyor.<\/p>\n<p>Rakamlar, Ulusal Faktoring&#8217;in mevcut ekonomik zorluklar i\u00e7inde cesur ad\u0131mlar atan ve gelece\u011fe yat\u0131r\u0131m yapan bir \u015firket profili \u00e7izdi\u011fini g\u00f6steriyor. Peki, bu stratejik ve cesur ad\u0131mlar, \u015firketi gelecekte sekt\u00f6r liderli\u011fine ta\u015f\u0131yabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1>Ulusal Faktoring A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Ulusal Faktoring A.\u015e. ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla konsolide finansal durumunu ve 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemindeki faaliyet sonu\u00e7lar\u0131n\u0131 \u00f6zetlemektedir. Rapor, \u015firketin finansal tablolar\u0131 ve faaliyet raporlar\u0131ndan derlenen verilerle haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda Ulusal Faktoring, g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme ivmesi sergilemi\u015ftir. \u015eirketin toplam aktifleri, 2024 y\u0131l sonuna g\u00f6re %27,2 artarak 11,5 milyar TL&#8217;den 14,7 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcmenin ana itici g\u00fcc\u00fc, %28 art\u0131\u015fla 13 milyar TL&#8217;ye yakla\u015fan faktoring alacaklar\u0131 olmu\u015ftur. \u00d6zkaynaklar ise %9,2&#8217;lik bir art\u0131\u015fla 1,8 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>D\u00f6nem i\u00e7inde \u00f6nemli kurumsal aksiyonlar al\u0131nm\u0131\u015ft\u0131r. \u015eirket, i\u00e7 kaynaklardan bedelsiz sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirerek \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 133,5 milyon TL&#8217;den 540 milyon TL&#8217;ye y\u00fckseltmi\u015ftir. Ayr\u0131ca, Mart 2025&#8217;te ba\u015flat\u0131lan pay geri al\u0131m program\u0131 kapsam\u0131nda yakla\u015f\u0131k 150 milyon TL tutar\u0131nda al\u0131m yap\u0131lm\u0131\u015f ve program sonland\u0131r\u0131lm\u0131\u015ft\u0131r. Bu al\u0131mlar, \u015firket sermayesinin %6,89&#8217;una tekab\u00fcl etmektedir.<\/p>\n<p>Operasyonel olarak \u015firket, KOB\u0130 odakl\u0131 b\u00fcy\u00fcme stratejisini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. 35 ilde 44 \u015fubesiyle hizmet veren Ulusal Faktoring&#8217;in aktif m\u00fc\u015fteri say\u0131s\u0131 11.470&#8217;e, \u00e7al\u0131\u015fan say\u0131s\u0131 ise 538&#8217;e y\u00fckselmi\u015ftir. \u015eirketin finansman kaynaklar\u0131n\u0131 \u00e7e\u015fitlendirme \u00e7abalar\u0131 kapsam\u0131nda, d\u00f6nem i\u00e7inde nitelikli yat\u0131r\u0131mc\u0131lara y\u00f6nelik 1,1 milyar TL tutar\u0131nda bono ve tahvil ihrac\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<p>Bununla birlikte, artan finansman giderleri ve takipteki alacaklar i\u00e7in ayr\u0131lan kar\u015f\u0131l\u0131klar nedeniyle, \u015firketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k net kar\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6stererek 458,6 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir (30 Eyl\u00fcl 2024: 708,8 milyon TL). Bu durum, \u015firketin gelir art\u0131\u015f\u0131na ra\u011fmen karl\u0131l\u0131k \u00fczerinde bask\u0131 olu\u015fturan makroekonomik ko\u015fullar\u0131 ve b\u00fcy\u00fcme stratejisinin maliyetlerini yans\u0131tmaktad\u0131r.<\/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>I. Kurumsal Profil ve Operasyonel Faaliyetler<\/h2>\n<h3>1.1. Genel Bak\u0131\u015f ve Faaliyet Alan\u0131<\/h3>\n<p>21 Aral\u0131k 1999&#8217;da Ulusal Bank A.\u015e. i\u015ftiraki olarak kurulan Ulusal Faktoring A.\u015e., temel olarak yurt i\u00e7i ve yurt d\u0131\u015f\u0131 faktoring hizmetleri sunmaktad\u0131r. \u015eirket, faaliyetlerini 6361 say\u0131l\u0131 \u201cFinansal Kiralama, Faktoring, Finansman ve Tasarruf Finansman \u015eirketleri Kanunu\u201d \u00e7er\u00e7evesinde y\u00fcr\u00fctmektedir. \u015eirketin paylar\u0131, 11 Kas\u0131m 2021 tarihinden itibaren Borsa \u0130stanbul&#8217;da (B\u0130ST) i\u015flem g\u00f6rmekte olup, 30 Eyl\u00fcl 2025 itibar\u0131yla Ana Pazar&#8217;da yer almaktad\u0131r. \u015eirketin merkezi \u0130stanbul, Sar\u0131yer&#8217;dedir.<\/p>\n<h3>1.2. Co\u011frafi Yay\u0131l\u0131m ve M\u00fc\u015fteri Taban\u0131<\/h3>\n<p>Ulusal Faktoring, m\u00fc\u015fteri ihtiya\u00e7lar\u0131na odakl\u0131 bir anlay\u0131\u015fla, T\u00fcrkiye genelinde 35 farkl\u0131 ilde 44 \u015fube ile hizmet vermektedir. \u015eirketin temel misyonu, ana hedef kitlesi olan KOB\u0130&#8217;lere yak\u0131n olmakt\u0131r. Bu strateji do\u011frultusunda geni\u015fleyen \u015fube a\u011f\u0131 sayesinde, KOB\u0130 segmentindeki aktif m\u00fc\u015fteri say\u0131s\u0131 Eyl\u00fcl 2025 sonunda 11.470&#8217;e ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<h3>1.3. \u0130\u015ftirakler<\/h3>\n<p>Grup, finansal teknoloji ve yaz\u0131l\u0131m geli\u015ftirme alan\u0131nda faaliyet g\u00f6stermek amac\u0131yla <b>Ulusal Finans Teknolojileri Anonim \u015eirketi<\/b>&#8216;ni kurmu\u015ftur. 17 May\u0131s 2024&#8217;te 10 milyon TL sermaye ile kurulan bu ba\u011fl\u0131 ortakl\u0131\u011f\u0131n sermayesi, 24 Haziran 2025&#8217;te yap\u0131lan 40 milyon TL&#8217;lik art\u0131\u015fla 50 milyon TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Ulusal Faktoring, bu \u015firketin sermayesinin tamam\u0131na sahiptir.<\/p>\n<h3>1.4. \u0130nsan Kaynaklar\u0131<\/h3>\n<p>Grup, b\u00fcy\u00fcme stratejisine paralel olarak istihdam\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r. 31 Aral\u0131k 2024&#8217;te 482 olan toplam \u00e7al\u0131\u015fan say\u0131s\u0131, 30 Eyl\u00fcl 2025 itibar\u0131yla 538&#8217;e y\u00fckselmi\u015ftir.<\/p>\n<h2>II. Finansal Performans Analizi (1 Ocak \u2013 30 Eyl\u00fcl 2025)<\/h2>\n<h3>2.1. Temel Finansal G\u00f6stergeler<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun temel finansal ve operasyonel g\u00f6stergeleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Aktif B\u00fcy\u00fckl\u00fck<\/b><\/td>\n<td>14.684,2 milyon TL<\/td>\n<td>11.544,8 milyon TL<\/td>\n<td>+%27,2<\/td>\n<\/tr>\n<tr>\n<td><b>Faktoring Alacaklar\u0131<\/b><\/td>\n<td>12.959,5 milyon TL<\/td>\n<td>10.129,2 milyon TL<\/td>\n<td>+%28,0<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>1.800,7 milyon TL<\/td>\n<td>1.649,1 milyon TL<\/td>\n<td>+%9,2<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131<\/b><\/td>\n<td>458,6 milyon TL<\/td>\n<td>898,6 milyon TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015flem Hacmi (Faktoring Cirosu)<\/b><\/td>\n<td>38.757,4 milyon TL<\/td>\n<td>38.214,5 milyon TL (Y\u0131l Sonu)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>M\u00fc\u015fteri Say\u0131s\u0131<\/b><\/td>\n<td>11.470<\/td>\n<td>9.922<\/td>\n<td>+%15,6<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7al\u0131\u015fan Say\u0131s\u0131<\/b><\/td>\n<td>538<\/td>\n<td>482<\/td>\n<td>+%11,6<\/td>\n<\/tr>\n<tr>\n<td><b>\u015eube Say\u0131s\u0131<\/b><\/td>\n<td>44<\/td>\n<td>44<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Bilan\u00e7o Analizi<\/h3>\n<h4>Aktif Kalemler<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla 14,7 milyar TL olan toplam aktiflerin ana kalemleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>\u0130tfa Edilmi\u015f Maliyeti ile \u00d6l\u00e7\u00fclen Finansal Varl\u0131klar (Net):<\/b> 13,4 milyar TL ile aktiflerin en b\u00fcy\u00fck kalemini olu\u015fturmaktad\u0131r. Bu kalemin neredeyse tamam\u0131 faktoring alacaklar\u0131ndan kaynaklanmaktad\u0131r.\n<ul>\n<li><b>Faktoring Alacaklar\u0131:<\/b> 12,96 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Takipteki Alacaklar (Br\u00fct):<\/b> 1,18 milyar TL&#8217;ye y\u00fckselmi\u015ftir (31 Aral\u0131k 2024: 710 milyon TL).<\/li>\n<li><b>Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131:<\/b> Takipteki alacaklar i\u00e7in ayr\u0131lan kar\u015f\u0131l\u0131k tutar\u0131 730 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r (31 Aral\u0131k 2024: 419 milyon TL).<\/li>\n<\/ul>\n<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 236 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Maddi Duran Varl\u0131klar (Net):<\/b> 271 milyon TL&#8217;dir.<\/li>\n<\/ul>\n<h4>Pasif Kalemler<\/h4>\n<p>Toplam y\u00fck\u00fcml\u00fcl\u00fckler ve \u00f6zkaynaklar\u0131n da\u011f\u0131l\u0131m\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<ul>\n<li><b>Al\u0131nan Krediler:<\/b> 11,4 milyar TL ile en b\u00fcy\u00fck y\u00fck\u00fcml\u00fcl\u00fck kalemidir (31 Aral\u0131k 2024: 9,1 milyar TL). Bu art\u0131\u015f, \u015firketin fonlama ihtiyac\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 banka kredileriyle kar\u015f\u0131lad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>\u0130hra\u00e7 Edilen Menkul K\u0131ymetler (Net):<\/b> 1,12 milyar TL&#8217;ye y\u00fckselmi\u015ftir (31 Aral\u0131k 2024: 408 milyon TL). Bu art\u0131\u015f, bor\u00e7lanma arac\u0131 ihra\u00e7lar\u0131n\u0131n fonlama yap\u0131s\u0131ndaki a\u011f\u0131rl\u0131\u011f\u0131n\u0131n artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Y\u0131l ba\u015f\u0131na g\u00f6re 151,6 milyon TL artarak 1,8 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015fta d\u00f6nem kar\u0131 ve sermaye yedeklerindeki de\u011fi\u015fimler etkili olmu\u015ftur.<\/li>\n<\/ul>\n<h3>2.3. Kar veya Zarar Tablosu Analizi<\/h3>\n<p>1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemine ait konsolide kar\/zarar tablosunun ana unsurlar\u0131 \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Esas Faaliyet Gelirleri:<\/b> \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %46,4 artarak 4,17 milyar TL&#8217;den <b>6,11 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir. Bu gelirin tamam\u0131 faktoring gelirlerinden (faiz ve komisyonlar) olu\u015fmaktad\u0131r.<\/li>\n<li><b>Finansman Giderleri:<\/b> \u00d6nceki y\u0131la g\u00f6re %58,6 art\u0131\u015fla 2,62 milyar TL&#8217;den <b>4,16 milyar TL<\/b>&#8216;ye \u00e7\u0131km\u0131\u015ft\u0131r. Artan bor\u00e7lanma ve faiz oranlar\u0131 bu y\u00fckseli\u015fte ana etken olmu\u015ftur.<\/li>\n<li><b>Br\u00fct Kar:<\/b> Gelirlerdeki g\u00fc\u00e7l\u00fc art\u0131\u015fa ra\u011fmen finansman giderlerindeki daha h\u0131zl\u0131 y\u00fckseli\u015f nedeniyle br\u00fct kar %25,8 artarak 1,95 milyar TL olmu\u015ftur.<\/li>\n<li><b>Takipteki Alacaklara \u0130li\u015fkin \u00d6zel Kar\u015f\u0131l\u0131klar:<\/b> \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde 209 milyon TL olan kar\u015f\u0131l\u0131k gideri, bu d\u00f6nemde <b>561 milyon TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi Kar:<\/b> 621 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir (30 Eyl\u00fcl 2024: 992 milyon TL).<\/li>\n<li><b>D\u00f6nem Net Kar\u0131:<\/b> 162,7 milyon TL&#8217;lik vergi kar\u015f\u0131l\u0131\u011f\u0131 sonras\u0131, Grubun d\u00f6nem net kar\u0131 <b>458,6 milyon TL<\/b> olarak kaydedilmi\u015ftir. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 708,8 milyon TL&#8217;lik net kara g\u00f6re %35,3&#8217;l\u00fck bir d\u00fc\u015f\u00fc\u015fe i\u015faret etmektedir.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kar:<\/b> 0,84931 TL olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>III. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>3.1. Sermaye Geli\u015fmeleri<\/h3>\n<ul>\n<li><b>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye:<\/b> \u015eirket Y\u00f6netim Kurulu&#8217;nun 14.02.2025 tarihli karar\u0131 ve SPK&#8217;n\u0131n 21.05.2025 tarihli onay\u0131 ile \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi, tamam\u0131 i\u00e7 kaynaklardan kar\u015f\u0131lanmak suretiyle 133.500.000 TL&#8217;den <b>540.000.000 TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131:<\/b> 06.10.2025 tarihli y\u00f6netim kurulu karar\u0131 ile 360.000.000 TL olan kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n <b>3.600.000.000 TL<\/b>&#8216;ye art\u0131r\u0131lmas\u0131 i\u00e7in SPK&#8217;ya ba\u015fvurulmu\u015f ve 17.10.2025 tarihinde onay al\u0131nm\u0131\u015ft\u0131r. S\u00fcre\u00e7, Ticaret Bakanl\u0131\u011f\u0131 onay\u0131 ve Genel Kurul onay\u0131 ile tamamlanacakt\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Ortakl\u0131k Yap\u0131s\u0131 ve Pay Gruplar\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin ortakl\u0131k yap\u0131s\u0131 ve halka a\u00e7\u0131kl\u0131k oran\u0131 a\u015fa\u011f\u0131dad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>\u0130zak Koenka<\/td>\n<td>110.184.270<\/td>\n<td>%20,40<\/td>\n<\/tr>\n<tr>\n<td>Kurt K. Jolker<\/td>\n<td>100.557.303<\/td>\n<td>%18,62<\/td>\n<\/tr>\n<tr>\n<td>Erdal Henri Frayman<\/td>\n<td>23.865.169<\/td>\n<td>%4,42<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k<\/td>\n<td>305.352.809<\/td>\n<td>%56,55<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>40.449<\/td>\n<td>%0,01<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>540.000.000<\/b><\/td>\n<td><b>%100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket paylar\u0131 A, B ve C grubu olarak \u00fc\u00e7e ayr\u0131lm\u0131\u015ft\u0131r. A ve B grubu pay sahipleri, Y\u00f6netim Kurulu&#8217;na aday g\u00f6sterme ve belirli \u00f6nemli kararlarda olumlu oy kullanma gibi imtiyazlara sahiptir.<\/p>\n<h2>IV. Kurumsal Y\u00f6netim ve \u00d6nemli Geli\u015fmeler<\/h2>\n<h3>4.1. Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h3>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b> 8 \u00fcyeden olu\u015fmaktad\u0131r. Kurt K. Jolker Y\u00f6netim Kurulu Ba\u015fkan\u0131, \u0130zak Koenka ise Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131 ve Genel M\u00fcd\u00fcr olarak g\u00f6rev yapmaktad\u0131r. 7 \u015eubat 2025&#8217;te John Leone ve Kevin Nord Clowe&#8217;nin istifas\u0131yla bo\u015falan \u00fcyeliklere Mey Koenka ve Ester Anne Marie Jolker atanm\u0131\u015ft\u0131r. Y\u00f6netim Kurulunda 4 kad\u0131n \u00fcye bulunmaktad\u0131r (%50).<\/li>\n<li><b>\u00dcst Y\u00f6netim:<\/b> D\u00f6nem i\u00e7inde \u00fcst y\u00f6netimde de\u011fi\u015fiklikler olmu\u015ftur. Ekin Arca K\u0131relli Mali \u0130\u015flerden Sorumlu GMY, Edip K\u00fcr\u015fad Ba\u015fer ise KOB\u0130 Kredi Tahsis ve Analiti\u011fi GMY olarak atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim:<\/b> 2025 y\u0131l\u0131 hesap d\u00f6nemi i\u00e7in ba\u011f\u0131ms\u0131z denet\u00e7i olarak DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. (Deloitte) se\u00e7ilmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.2. Pay Geri Al\u0131m Program\u0131<\/h3>\n<p>24 Mart 2025&#8217;te ba\u015flat\u0131lan pay geri al\u0131m program\u0131, azami fon tutar\u0131 olan 150 milyon TL&#8217;ye ula\u015f\u0131lmas\u0131 nedeniyle sonland\u0131r\u0131lm\u0131\u015ft\u0131r. Program kapsam\u0131nda:<\/p>\n<ul>\n<li><b>Geri Al\u0131nan Pay Nominal De\u011feri:<\/b> 37.225.000 TL<\/li>\n<li><b>\u00d6denen Toplam Tutar:<\/b> 149.997.202,82 TL<\/li>\n<li><b>Geri Al\u0131nan Paylar\u0131n Sermayeye Oran\u0131:<\/b> %6,89351<\/li>\n<\/ul>\n<h3>4.3. Sermaye Piyasas\u0131 Ara\u00e7lar\u0131 ve Kredi Notlar\u0131<\/h3>\n<ul>\n<li><b>Bor\u00e7lanma Ara\u00e7lar\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin tedav\u00fcldeki bor\u00e7lanma ara\u00e7lar\u0131n\u0131n toplam tutar\u0131 <b>1.100.000.000 TL<\/b>&#8216;dir. Ayr\u0131ca, SPK taraf\u0131ndan 1.220.000.000 TL&#8217;ye kadar yeni bor\u00e7lanma arac\u0131 ihrac\u0131 i\u00e7in onay al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kredi Derecelendirme:<\/b> JCR Eurasia Rating, Nisan 2025&#8217;te \u015firketin notlar\u0131n\u0131 teyit etmi\u015ftir:\n<ul>\n<li><b>Uzun Vadeli Ulusal Notu:<\/b> AA- (tr) \/ Stabil G\u00f6r\u00fcn\u00fcm<\/li>\n<li><b>K\u0131sa Vadeli Ulusal Notu:<\/b> J1+ (tr) \/ Stabil G\u00f6r\u00fcn\u00fcm<\/li>\n<li><b>Uzun Vadeli Uluslararas\u0131 Yabanc\u0131 Para Notu:<\/b> BB \/ Stabil G\u00f6r\u00fcn\u00fcm<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>4.4. Kar Pay\u0131 Da\u011f\u0131t\u0131m\u0131<\/h3>\n<p>06 May\u0131s 2025&#8217;teki Ola\u011fan Genel Kurul&#8217;da, 2024 y\u0131l\u0131 kar\u0131ndan br\u00fct <b>157.100.000 TL<\/b> nakit kar pay\u0131 da\u011f\u0131t\u0131lmas\u0131na karar verilmi\u015f ve da\u011f\u0131t\u0131m 25 Haziran 2025&#8217;te tamamlanm\u0131\u015ft\u0131r.<\/p>\n<h2>V. Risk Y\u00f6netimi ve Muhasebe Politikalar\u0131<\/h2>\n<h3>5.1. Risk Y\u00f6netimi<\/h3>\n<p>Grup, faaliyetlerinden kaynaklanan kredi, likidite, kur ve faiz oran\u0131 risklerini y\u00f6netmektedir.<\/p>\n<ul>\n<li><b>Kredi Riski:<\/b> A\u011f\u0131rl\u0131kl\u0131 olarak kredi tahsis ve izleme y\u00f6ntemleriyle y\u00f6netilmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla vadesi ge\u00e7mi\u015f ancak de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcne u\u011framam\u0131\u015f alacaklar\u0131n net defter de\u011feri 419 milyon TL&#8217;dir.<\/li>\n<li><b>Likidite Riski:<\/b> \u015eirketin fonlama taban\u0131 banka kredileri, refaktoring ve bono\/tahvil ihra\u00e7lar\u0131na dayanmaktad\u0131r.<\/li>\n<li><b>Kur Riski:<\/b> Grup, yabanc\u0131 para pozisyonunu minimize ederek kur riskini y\u00f6netmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla net yabanc\u0131 para pozisyonu (591 Bin TL kar\u015f\u0131l\u0131\u011f\u0131) bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fcne oranla olduk\u00e7a d\u00fc\u015f\u00fckt\u00fcr.<\/li>\n<li><b>Yasal Oranlar:<\/b> \u015eirket, BDDK&#8217;n\u0131n belirledi\u011fi \u00f6zkaynak\/toplam aktifler i\u00e7in asgari %3&#8217;l\u00fck standart oran\u0131 sa\u011flamaktad\u0131r.<\/li>\n<\/ul>\n<h3>5.2. Muhasebe Esaslar\u0131 ve Enflasyon Muhasebesi<\/h3>\n<p>Finansal tablolar, BDDK ve KGK taraf\u0131ndan belirlenen TMS\/TFRS&#8217;ye uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r. \u00d6nemli bir not olarak, Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurulu&#8217;nun (BDDK) 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca, finansal kiralama, faktoring ve finansman \u015firketlerinin 2025 y\u0131l\u0131nda enflasyon muhasebesi (TMS 29) uygulamamas\u0131na karar verilmi\u015ftir. Bu nedenle, 30 Eyl\u00fcl 2025 tarihli finansal tablolar enflasyon d\u00fczeltmesine tabi tutulmam\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"395\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Rakamlar\u0131n Ard\u0131ndaki Hikaye: Ulusal Faktoring&#8217;in 2025 Performans\u0131ndan 5 \u00c7arp\u0131c\u0131 \u00c7\u0131kar\u0131m Giri\u015f: Finansal Raporlar\u0131n So\u011fuk Y\u00fcz\u00fcn\u00fcn \u00d6tesi Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 ve so\u011fuk belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n ard\u0131nda, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelecek&#8230; <\/p>\n","protected":false},"author":1,"featured_media":409,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[82],"class_list":["post-395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ulufa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/395","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=395"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/395\/revisions"}],"predecessor-version":[{"id":410,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/395\/revisions\/410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/409"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}