{"id":475,"date":"2025-12-24T23:52:43","date_gmt":"2025-12-24T20:52:43","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=475"},"modified":"2025-12-24T23:52:43","modified_gmt":"2025-12-24T20:52:43","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-konya-konya-cimento-sanayi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/475","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KONYA | Konya \u00c7imento Sanayi 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KONYA | Konya \u00c7imento Sanayi 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/ZRoTefrjkQk?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>Konya \u00c7imento Raporunu Okuduk: \u0130\u015fte Bizi \u015ea\u015f\u0131rtan 5 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Aras\u0131ndaki Hikaye<\/h3>\n<p>Kurumsal finans raporlar\u0131 genellikle rakamlarla dolu, yo\u011fun ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak bilinir. Ancak bu belgeler, dikkatle incelendi\u011finde, b\u00fcy\u00fck \u015firketlerin nas\u0131l i\u015fledi\u011fine, stratejilerine ve kimliklerine dair b\u00fcy\u00fcleyici ve beklenmedik hikayeler ortaya \u00e7\u0131karabilir. T\u00fcrkiye&#8217;nin k\u00f6kl\u00fc sanayi devlerinden Konya \u00c7imento&#8217;nun 30 Eyl\u00fcl 2025&#8217;te sona eren d\u00f6neme ait son finansal raporlar\u0131n\u0131 inceledik ve i\u015fte raporda \u00f6ne \u00e7\u0131kan ve \u015firketin stratejik y\u00f6n\u00fcn\u00fc ayd\u0131nlatan be\u015f kritik ger\u00e7ek.<\/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>1. Yerel Ba\u015flad\u0131, Global Oldu: 115 Konyal\u0131 Giri\u015fimciden Frans\u0131z Devine<\/h2>\n<p>Konya \u00c7imento&#8217;nun kurulu\u015f hikayesi, g\u00fc\u00e7l\u00fc bir yerel giri\u015fimcilik ruhunu yans\u0131t\u0131yor. \u015eirketin temelleri, 1954 y\u0131l\u0131nda tam 115 Konyal\u0131 i\u015f insan\u0131n\u0131n \u00f6nc\u00fcl\u00fc\u011f\u00fcnde at\u0131ld\u0131. Bu g\u00fc\u00e7l\u00fc yerel k\u00f6klere ra\u011fmen, \u015firketin bug\u00fcnk\u00fc yap\u0131s\u0131 olduk\u00e7a farkl\u0131 bir tablo \u00e7iziyor.<\/p>\n<p>Bug\u00fcn Konya \u00c7imento&#8217;nun \u00e7o\u011funluk hissesi k\u00fcresel bir oyuncunun elinde. Frans\u0131z men\u015feli VICAT Grubu, Parficim S.A. arac\u0131l\u0131\u011f\u0131yla \u015firketin %81,88&#8217;lik kontrol hissesine sahip. 115 yerel giri\u015fimcinin ba\u015flatt\u0131\u011f\u0131 bu yolculu\u011fun, d\u00fcnyan\u0131n say\u0131l\u0131 \u00e7imento \u00fcreticilerinden birinin par\u00e7as\u0131 haline gelmesi, \u015firketin ge\u00e7irdi\u011fi d\u00f6n\u00fc\u015f\u00fcm\u00fcn en net g\u00f6stergelerinden biri.<\/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>2. K\u00e2r Var, Temett\u00fc Yok: 7 Y\u0131ll\u0131k Gizemli Mola<\/h2>\n<p>Halka a\u00e7\u0131k \u015firketler i\u00e7in, \u00f6zellikle k\u00e2rl\u0131 ge\u00e7en y\u0131llar\u0131n ard\u0131ndan hissedarlar\u0131na k\u00e2r pay\u0131 (temett\u00fc) da\u011f\u0131tmak yayg\u0131n bir uygulamad\u0131r. Ancak Konya \u00c7imento&#8217;nun temett\u00fc ge\u00e7mi\u015fi, bu beklentinin tam tersi bir durumu g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>\u015eirketin finansal tablolar\u0131na g\u00f6re, 2017 y\u0131l\u0131 i\u00e7in 32.164.704 TL gibi \u00f6nemli bir temett\u00fc \u00f6demesi yap\u0131lm\u0131\u015f. Fakat \u015fa\u015f\u0131rt\u0131c\u0131 olan, bu tarihten sonraki yedi y\u0131l boyunca (2018-2024 aras\u0131) \u015firketin <i>hi\u00e7<\/i> temett\u00fc da\u011f\u0131tmam\u0131\u015f olmas\u0131. Bu durum, \u00f6zellikle \u015firketin y\u00fcksek k\u00e2rlar elde etti\u011fi y\u0131llarda daha da dikkat \u00e7ekici hale geliyor. \u00d6rne\u011fin, 2022&#8217;de 203.245.311 TL ve 2023&#8217;te 986.852.999 TL gibi devasa k\u00e2rlar elde edilmesine ra\u011fmen hissedarlara herhangi bir \u00f6deme yap\u0131lmam\u0131\u015f. Ancak bu tabloya daha geni\u015f bir perspektiften bak\u0131ld\u0131\u011f\u0131nda, \u015firketin 2024 y\u0131l\u0131nda 342.592.070 TL zarar a\u00e7\u0131klamas\u0131, bu muhafazakar nakit politikas\u0131n\u0131 daha anla\u015f\u0131l\u0131r k\u0131l\u0131yor. Bu durum, \u015firketin b\u00f6ylesine b\u00fcy\u00fck k\u00e2rlar\u0131 da\u011f\u0131tmak yerine neden elinde tutmay\u0131 tercih etti\u011fine dair stratejik bir soruyu akla getiriyor.<\/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>3. Daha Az Sat\u0131\u015f, Daha \u00c7ok K\u00e2r: Verimlili\u011fin Form\u00fcl\u00fc<\/h2>\n<p>\u015eirketlerin performans\u0131 genellikle &#8220;daha \u00e7ok sat, daha \u00e7ok kazan&#8221; mant\u0131\u011f\u0131yla \u00f6l\u00e7\u00fcl\u00fcr. Konya \u00c7imento&#8217;nun son verileri ise bu denklemin her zaman ge\u00e7erli olmad\u0131\u011f\u0131n\u0131 kan\u0131tlar nitelikte. 30 Eyl\u00fcl 2025&#8217;te biten dokuz ayl\u0131k d\u00f6nem ile 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemi kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda ortaya paradoksal bir tablo \u00e7\u0131k\u0131yor.<\/p>\n<p>Raporlara g\u00f6re, \u015firketin has\u0131lat\u0131 (toplam sat\u0131\u015f\u0131) 2024&#8217;te 5,082 milyar TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde 4,284 milyar TL&#8217;ye <i>d\u00fc\u015fm\u00fc\u015f<\/i>. Ancak ayn\u0131 d\u00f6nemde \u015firketin esas faaliyet k\u00e2r\u0131 252,6 milyon TL&#8217;den 396,4 milyon TL&#8217;ye <i>y\u00fckselmi\u015f<\/i>. Bu durumu en net \u00f6zetleyen metrik ise Faaliyet K\u00e2r Marj\u0131. Marj, bir y\u0131lda %4,97&#8217;den %9,25&#8217;e \u00e7\u0131karak neredeyse ikiye katlanm\u0131\u015f. &#8220;Daha az sat\u0131p daha \u00e7ok kazanmak&#8221; olarak \u00f6zetlenebilecek bu ba\u015far\u0131n\u0131n ard\u0131nda, operasyonel verimlilik ve maliyet y\u00f6netimi yat\u0131yor. Bunun en somut \u00f6rne\u011fi ise gider tablosunda gizli: \u015eirketin bak\u0131m onar\u0131m giderleri, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemine k\u0131yasla 607,4 milyon TL&#8217;den 272,7 milyon TL&#8217;ye d\u00fc\u015ferek yar\u0131dan fazla azalm\u0131\u015f. Bu, verimlilik art\u0131\u015f\u0131n\u0131n tesad\u00fcfi olmad\u0131\u011f\u0131n\u0131n en net kan\u0131t\u0131.<\/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>4. Sadece Bir Fabrika De\u011fil: Beton, At\u0131k ve Laboratuvardan Olu\u015fan Bir \u0130mparatorluk<\/h2>\n<p>&#8220;Konya \u00c7imento&#8221; ismi, akla sadece \u00e7imento \u00fcreten tek bir fabrika getirebilir. Oysa ger\u00e7ekte \u015firket, birbiriyle ili\u015fkili alanlarda faaliyet g\u00f6steren birden fazla i\u015ftirake sahip, entegre bir grup yap\u0131s\u0131nda. Bu yap\u0131, basit bir \u00fcretim operasyonunun \u00e7ok \u00f6tesinde bir organizasyona i\u015faret ediyor.<\/p>\n<p>Grubun kilit i\u015ftirakleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Konya Haz\u0131r Beton Sanayi ve Ticaret A.\u015e.:<\/b> \u015eirketin %100&#8217;\u00fcne sahip oldu\u011fu bu i\u015ftirak, \u0130\u00e7 Anadolu ve Akdeniz b\u00f6lgelerindeki 20 beton santrali ile haz\u0131r beton hizmeti sunuyor.<\/li>\n<li><b>\u00c7\u00f6z\u00fcm End\u00fcstriyel At\u0131k \u0130\u015fleme San. ve Tic. A.\u015e.:<\/b> %50 paya sahip olunan bu \u015firket, end\u00fcstriyel at\u0131klar\u0131n \u00f6zellikle \u00e7imento sanayisinde kullan\u0131lmak \u00fczere i\u015flenmesi konusunda uzmanla\u015fm\u0131\u015f durumda.<\/li>\n<li><b>Sigma Beton Laboratuvar Hizmetleri ve Ticaret Ltd. \u015eti.:<\/b> Yine %50 ortakl\u0131\u011fa sahip olunan bu merkezi laboratuvar, yap\u0131 malzemeleri i\u00e7in ulusal \u00e7apta test ve analiz hizmetleri veriyor.<\/li>\n<li><b>Konya \u00c7imento Ticaret Limited \u015eirketi:<\/b> %99&#8217;una sahip olunan bu \u015firket, grup \u015firketlerine i\u015f\u00e7ilik hizmetleri sa\u011fl\u0131yor.<\/li>\n<\/ul>\n<p>Bu yap\u0131, Konya \u00c7imento&#8217;nun dikey entegrasyon, s\u00fcrd\u00fcr\u00fclebilirlik (at\u0131k y\u00f6netimiyle alternatif yak\u0131t sa\u011flama) ve kalite g\u00fcvencesi gibi modern i\u015f stratejilerini ne kadar bilin\u00e7li bir \u015fekilde uygulad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/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>5. Rakamlarla Belirlenmi\u015f Yard\u0131mseverlik: Resmi Bir Ba\u011f\u0131\u015f Politikas\u0131<\/h2>\n<p>Kurumsal sosyal sorumluluk faaliyetleri bazen belirsiz ve \u00f6l\u00e7\u00fclmesi zor olabilir. Ancak Konya \u00c7imento, bu konudaki yakla\u015f\u0131m\u0131n\u0131 resmi ve \u015feffaf bir \u00e7er\u00e7eveye oturtmu\u015f durumda. \u015eirketin, her y\u0131l Genel Kurul&#8217;da hissedarlar\u0131n onay\u0131na sunulan resmi bir &#8220;Ba\u011f\u0131\u015f ve Yard\u0131mlar\u0131na \u0130li\u015fkin Politikas\u0131&#8221; bulunuyor.<\/p>\n<p>Raporlama d\u00f6neminde bu politika kapsam\u0131nda \u00e7e\u015fitli kamu kurum ve kurulu\u015flar\u0131na ve \u00f6\u011frencilere toplam <b>618.712 TL<\/b> tutar\u0131nda ba\u011f\u0131\u015f ve yard\u0131m yap\u0131lm\u0131\u015f. Bu yakla\u015f\u0131m\u0131n dikkat \u00e7ekici yan\u0131, anl\u0131k kararlar yerine yap\u0131land\u0131r\u0131lm\u0131\u015f, \u015feffaf ve hesap verebilir bir hay\u0131rseverlik modeli benimsenmi\u015f olmas\u0131d\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<h3>Sonu\u00e7: Bir Bilan\u00e7odan Daha Fazlas\u0131<\/h3>\n<p>Konya \u00c7imento&#8217;nun finansal raporu, yak\u0131ndan bak\u0131ld\u0131\u011f\u0131nda rakamlar toplam\u0131ndan \u00e7ok daha fazlas\u0131n\u0131 anlat\u0131yor: bir strateji, bir tarih ve bir kimlik anlat\u0131s\u0131. Bu durum, bize \u00f6nemli bir soruyu hat\u0131rlat\u0131yor: Bir \u015firketin ger\u00e7ek de\u011ferini yaln\u0131zca finansal tablolar\u0131 m\u0131, yoksa bu rakamlar\u0131n arkas\u0131nda yatan \u00e7ok katmanl\u0131 hikayesi mi belirler?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Konya \u00c7imento Sanayii A.\u015e. 30 Eyl\u00fcl 2025 Ara D\u00f6nem Faaliyet Raporu ve Finansal Tablolar\u0131 Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Konya \u00c7imento Sanayii A.\u015e. (Grup), 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 377,9 milyon TL&#8217;lik zarara kar\u015f\u0131l\u0131k 79,3 milyon TL net k\u00e2r elde ederek \u00f6nemli bir finansal geri d\u00f6n\u00fc\u015f ger\u00e7ekle\u015ftirmi\u015ftir. Bu olumlu sonu\u00e7, has\u0131lat\u0131n %15,7 azalarak 4,3 milyar TL&#8217;ye gerilemesine ra\u011fmen elde edilmi\u015ftir. Performanstaki bu iyile\u015fmenin ana itici g\u00fcc\u00fc, %56,9 art\u0131\u015fla 396,4 milyon TL&#8217;ye ula\u015fan Esas Faaliyet K\u00e2r\u0131 ve faaliyet k\u00e2r marj\u0131n\u0131n %4,97&#8217;den %9,25&#8217;e y\u00fckselmesi olmu\u015ftur.<\/p>\n<p>Finansal tablolar, TMS 29 standard\u0131 uyar\u0131nca enflasyon muhasebesi uygulanarak haz\u0131rlanm\u0131\u015f olup, bu kapsamda 33,5 milyon TL&#8217;lik bir Parasal Kay\u0131p kaydedilmi\u015ftir. Faaliyet segmentleri incelendi\u011finde, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n temelini olu\u015fturan \u00c7imento segmenti 472,9 milyon TL faaliyet k\u00e2r\u0131 \u00fcretirken, Haz\u0131r Beton segmenti 64,6 milyon TL faaliyet zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p>Frans\u0131z VICAT Grubu&#8217;nun %81,88&#8217;lik hisse ile ana orta\u011f\u0131 oldu\u011fu Konya \u00c7imento, grubun T\u00fcrkiye&#8217;deki di\u011fer i\u015ftirakleriyle entegre bir yap\u0131 i\u00e7inde faaliyet g\u00f6stermektedir. \u015eirketin toplam varl\u0131klar\u0131 6,1 milyar TL&#8217;ye y\u00fckselmi\u015f olup, 67 milyon TL&#8217;lik net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu kur riskine maruziyete i\u015faret etmektedir. \u015eirket, 2017 y\u0131l\u0131ndan bu yana temett\u00fc da\u011f\u0131t\u0131m\u0131 yapmam\u0131\u015ft\u0131r.<\/p>\n<h2>1. Kurumsal Genel Bak\u0131\u015f ve Y\u00f6netim Yap\u0131s\u0131<\/h2>\n<h3>\u015eirket Kimli\u011fi ve Tarih\u00e7e<\/h3>\n<p>Konya \u00c7imento Sanayii A.\u015e., 1954 y\u0131l\u0131nda 115 Konyal\u0131 i\u015f insan\u0131n\u0131n giri\u015fimiyle kurulmu\u015ftur. \u015eirketin tarihindeki \u00f6nemli d\u00f6n\u00fcm noktalar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>1963:<\/b> T\u00fcrkiye \u00c7imento Sanayii T.A.\u015e. ve T\u00fcrkiye \u0130\u015f Bankas\u0131 ortakl\u0131\u011f\u0131 ile ilk fabrika faaliyete ge\u00e7ti.<\/li>\n<li><b>1976:<\/b> Kuru sistem teknolojisine sahip ikinci tesis \u00fcretime ba\u015flad\u0131 ve kapasite 600.000 ton\/y\u0131la \u00e7\u0131kt\u0131.<\/li>\n<li><b>1989:<\/b> \u015eirket \u00f6zelle\u015ftirme kapsam\u0131na al\u0131nd\u0131.<\/li>\n<li><b>1991:<\/b> T\u00fcrkiye \u0130\u015f Bankas\u0131, hisselerini Frans\u0131z VICAT Grubu&#8217;na devretti.<\/li>\n<li><b>2015:<\/b> Haz\u0131r beton faaliyetleri, %100 i\u015ftiraki olan Konya Haz\u0131r Beton San. Tic A.\u015e. \u00e7at\u0131s\u0131 alt\u0131nda topland\u0131.<\/li>\n<\/ul>\n<p>\u015eirketin 2025 y\u0131l\u0131 itibar\u0131yla klinker \u00fcretim kapasitesi 1.732.500 ton\/y\u0131l, \u00e7imento \u00f6\u011f\u00fctme kapasitesi ise 2.973.599 ton\/y\u0131ld\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kurumsal Bilgiler<\/td>\n<td>Detay<\/td>\n<\/tr>\n<tr>\n<td><b>\u00dcnvan<\/b><\/td>\n<td>Konya \u00c7imento Sanayii Anonim \u015eirketi<\/td>\n<\/tr>\n<tr>\n<td><b>Adres<\/b><\/td>\n<td>Horozluhan Mah. Cihan Sk. No:15 Sel\u00e7uklu, KONYA<\/td>\n<\/tr>\n<tr>\n<td><b>Telefon \/ Faks<\/b><\/td>\n<td>+90 332 346 03 55 \/ +90 332 346 03 65<\/td>\n<\/tr>\n<tr>\n<td><b>Web Sitesi<\/b><\/td>\n<td>www.konyacimento.com.tr<\/td>\n<\/tr>\n<tr>\n<td><b>Sermaye<\/b><\/td>\n<td>4.873.440 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Mersis No<\/b><\/td>\n<td>0577000857500015<\/td>\n<\/tr>\n<tr>\n<td><b>ISIN Kodu<\/b><\/td>\n<td>TRAKONYA91F6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin ortakl\u0131k yap\u0131s\u0131, Frans\u0131z VICAT Grubu&#8217;nun hakim ortak konumunda oldu\u011funu g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedar<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Hisse Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Parficim S.A. (VICAT Grubu)<\/td>\n<td>81,88<\/td>\n<td>3.990.220<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>15,96<\/td>\n<td>777.662<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>2,16<\/td>\n<td>105.558<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>4.873.440<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h3>\n<p>\u015eirketin Y\u00f6netim Kurulu, Mart 2025 &#8211; Mart 2026 d\u00f6nemi i\u00e7in se\u00e7ilmi\u015ftir.<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan\u0131:<\/b> Mehmet D\u00dcLGER<\/li>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131:<\/b> Gianfranco Lubiesny TANTARDINI<\/li>\n<li><b>Genel M\u00fcd\u00fcr (\u00dclke M\u00fcd\u00fcr\u00fc):<\/b> H\u00fcseyin Burak AKIN<\/li>\n<li><b>Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131:<\/b> Ayd\u0131n ERO\u011eLU<\/li>\n<\/ul>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n<p>Grup, \u00e7imento ana faaliyetinin yan\u0131 s\u0131ra haz\u0131r beton, at\u0131k y\u00f6netimi ve laboratuvar hizmetleri alanlar\u0131nda da faaliyet g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u015eirket<\/td>\n<td>Faaliyet Alan\u0131<\/td>\n<td>Konya \u00c7imento Pay\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Konya Haz\u0131r Beton San. ve Tic. A.\u015e.<\/b><\/td>\n<td>Haz\u0131r beton \u00fcretimi ve sat\u0131\u015f\u0131<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td><b>Konya \u00c7imento Ticaret Ltd. \u015eti.<\/b><\/td>\n<td>Grup \u015firketlerine i\u015f\u00e7ilik hizmeti<\/td>\n<td>99<\/td>\n<\/tr>\n<tr>\n<td><b>Sigma Beton Laboratuvar Hiz. ve Tic. Ltd. \u015eti.<\/b><\/td>\n<td>Deney ve analiz hizmetleri<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7\u00f6z\u00fcm End\u00fcstriyel At\u0131k \u0130\u015fleme San. ve Tic. A.\u015e.<\/b><\/td>\n<td>End\u00fcstriyel at\u0131k i\u015fleme<\/td>\n<td>50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<h3>Genel Finansal Sonu\u00e7lar<\/h3>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r. Faaliyet k\u00e2r\u0131ndaki art\u0131\u015f, net k\u00e2r\u0131n pozitif b\u00f6lgeye ge\u00e7mesini sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00d6zet Gelir Tablosu (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>4.284.544.445<\/td>\n<td>5.082.610.102<\/td>\n<td>-15,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>854.689.681<\/td>\n<td>748.873.875<\/td>\n<td>+14,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>396.411.008<\/td>\n<td>252.633.470<\/td>\n<td>+56,9%<\/td>\n<\/tr>\n<tr>\n<td>Parasal Kay\u0131p \/ Kazan\u00e7<\/td>\n<td>(33.498.107)<\/td>\n<td>(189.057.917)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r \/ (Zarar)<\/td>\n<td>194.039.023<\/td>\n<td>(264.118.937)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>79.351.021<\/b><\/td>\n<td><b>(377.863.681)<\/b><\/td>\n<td><b>&#8211;<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet K\u00e2r Marj\u0131 (%)<\/b><\/td>\n<td>9,25%<\/td>\n<td>4,97%<\/td>\n<td>+4,28 p.p.<\/td>\n<\/tr>\n<tr>\n<td><b>Net K\u00e2r Marj\u0131 (%)<\/b><\/td>\n<td>1,85%<\/td>\n<td>-7,43%<\/td>\n<td>+9,28 p.p.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Enflasyon Muhasebesi Etkisi<\/h3>\n<p>Finansal tablolar, KGK&#8217;n\u0131n karar\u0131 uyar\u0131nca TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir. Bu d\u00fczeltme, parasal olmayan kalemlerin yeniden de\u011ferlenmesini ve gelir tablosunda &#8220;Parasal Kazan\u00e7\/Kay\u0131p&#8221; kaleminin raporlanmas\u0131n\u0131 i\u00e7ermektedir. 2025&#8217;in ilk dokuz ay\u0131nda bu kalem alt\u0131nda <b>33,5 milyon TL&#8217;lik bir parasal kay\u0131p<\/b> raporlanm\u0131\u015ft\u0131r.<\/p>\n<h3>Bilan\u00e7o Analizi<\/h3>\n<p>Grup&#8217;un toplam varl\u0131klar\u0131, 2024 y\u0131l sonuna k\u0131yasla art\u0131\u015f g\u00f6stermi\u015ftir. \u00d6zkaynaklar ise s\u0131n\u0131rl\u0131 bir art\u0131\u015f kaydetmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00d6zet Bilan\u00e7o (TL)<\/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>D\u00f6nen Varl\u0131klar<\/td>\n<td>2.245.129.002<\/td>\n<td>2.076.392.799<\/td>\n<td>+8,1%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>3.850.373.592<\/td>\n<td>3.563.093.642<\/td>\n<td>+8,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>6.095.502.594<\/b><\/td>\n<td><b>5.639.486.441<\/b><\/td>\n<td><b>+8,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.812.816.602<\/td>\n<td>1.418.612.164<\/td>\n<td>+27,8%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>145.116.597<\/td>\n<td>162.655.903<\/td>\n<td>-10,8%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>4.137.569.395<\/b><\/td>\n<td><b>4.058.218.374<\/b><\/td>\n<td><b>+1,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>6.095.502.594<\/b><\/td>\n<td><b>5.639.486.441<\/b><\/td>\n<td><b>+8,1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Oranlar<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,24<\/td>\n<td>1,46<\/td>\n<\/tr>\n<tr>\n<td>Toplam Bor\u00e7lar \/ Toplam \u00d6zkaynaklar<\/td>\n<td>0,47<\/td>\n<td>0,39<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Nakit Ak\u0131\u015f\u0131<\/h3>\n<p>D\u00f6nem i\u00e7inde faaliyetlerden pozitif nakit ak\u0131\u015f\u0131 sa\u011flan\u0131rken, yap\u0131lan yat\u0131r\u0131mlar (\u00f6zellikle maddi duran varl\u0131k al\u0131mlar\u0131) nedeniyle yat\u0131r\u0131m faaliyetlerinden nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. Genel olarak, d\u00f6nemin sonunda nakit ve nakit benzerlerinde 118 milyon TL&#8217;lik bir azal\u0131\u015f ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131:<\/b> 318.808.467 TL<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131:<\/b> (465.228.847) TL<\/li>\n<li><b>Finansman Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131:<\/b> 54.583.742 TL<\/li>\n<li><b>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri:<\/b> 185.917.505 TL<\/li>\n<li><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri:<\/b> 67.958.335 TL<\/li>\n<\/ul>\n<h2>3. Faaliyet Segmentlerine G\u00f6re Performans<\/h2>\n<p>Grup, \u00e7imento ve haz\u0131r beton olmak \u00fczere iki ana segmentte faaliyet g\u00f6stermektedir. \u00c7imento segmenti k\u00e2rl\u0131l\u0131\u011f\u0131n ana kayna\u011f\u0131 olmaya devam ederken, haz\u0131r beton segmenti zarardad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>\u00c7imento<\/td>\n<td>Haz\u0131r Beton<\/td>\n<td>Toplam (D\u00fczeltilmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>3.641.716.639<\/td>\n<td>1.053.878.344<\/td>\n<td>4.284.544.445<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>817.432.774<\/td>\n<td>37.256.907<\/td>\n<td>854.689.681<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>472.857.513<\/td>\n<td>(64.606.072)<\/td>\n<td>396.411.008<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu veriler, haz\u0131r beton segmentinin ciroya \u00f6nemli katk\u0131 sa\u011flamas\u0131na ra\u011fmen, maliyet ve gider yap\u0131s\u0131 nedeniyle k\u00e2rl\u0131l\u0131k \u00fczerinde bask\u0131 olu\u015fturdu\u011funu g\u00f6stermektedir.<\/p>\n<h2>4. Operasyonel ve Piyasa Bilgileri<\/h2>\n<h3>Hisse Senedi Performans\u0131<\/h3>\n<p>\u015eirket hisseleri Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir. 31 Aral\u0131k 2024&#8217;te 6.700,00 TL olan kapan\u0131\u015f fiyat\u0131, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla <b>5.010,00 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<h3>K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131 ve Ge\u00e7mi\u015fi<\/h3>\n<p>\u015eirketin k\u00e2r da\u011f\u0131t\u0131m politikas\u0131, TTK ve SPK mevzuat\u0131 \u00e7er\u00e7evesinde, \u015firketin uzun vadeli stratejileri, sermaye gereksinimleri ve nakit durumu dikkate al\u0131narak belirlenmektedir. Ancak \u015firket, 2017 y\u0131l\u0131ndan bu yana temett\u00fc da\u011f\u0131t\u0131m\u0131 yapmam\u0131\u015ft\u0131r. 2024 y\u0131l\u0131 faaliyetlerinin zararla sonu\u00e7lanmas\u0131 nedeniyle 20 Mart 2025 tarihli genel kurulda k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir.<\/p>\n<h2>5. Finansal Risk Y\u00f6netimi<\/h2>\n<h3>Kredi Riski<\/h3>\n<p>Grup, ticari alacaklar\u0131ndan kaynaklanan kredi riskini y\u00f6netmek i\u00e7in Ticari Alacak Sigortas\u0131 poli\u00e7eleri kullanmaktad\u0131r. 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\u0131 bulunmaktad\u0131r. Alacaklara kar\u015f\u0131l\u0131k olarak al\u0131nan teminatlar\u0131n (alacak sigortas\u0131, teminat mektubu, ipotek vb.) toplam tutar\u0131 <b>991.235.000 TL<\/b>&#8216;dir.<\/p>\n<h3>Yabanc\u0131 Para Riski<\/h3>\n<p>Grup&#8217;un yabanc\u0131 para cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri bulunmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla, \u015firketin <b>(67.012.354) TL<\/b> tutar\u0131nda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu mevcuttur. Bu durum, TL&#8217;nin de\u011fer kaybetmesi halinde kur fark\u0131 zarar\u0131 riski ta\u015f\u0131maktad\u0131r.<\/p>\n<ul>\n<li><b>Duyarl\u0131l\u0131k Analizi:<\/b> Yap\u0131lan analize g\u00f6re, d\u00f6viz kurlar\u0131nda TL aleyhine %10&#8217;luk bir de\u011fi\u015fim olmas\u0131 durumunda, vergi \u00f6ncesi k\u00e2r\/zarar \u00fczerinde yakla\u015f\u0131k <b>13,7 milyon TL<\/b>&#8216;lik olumsuz bir etki yarataca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"475\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Konya \u00c7imento Raporunu Okuduk: \u0130\u015fte Bizi \u015ea\u015f\u0131rtan 5 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Aras\u0131ndaki Hikaye Kurumsal finans raporlar\u0131 genellikle rakamlarla dolu, yo\u011fun ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak bilinir. Ancak bu belgeler, dikkatle incelendi\u011finde, b\u00fcy\u00fck \u015firketlerin nas\u0131l i\u015fledi\u011fine, stratejilerine ve kimliklerine dair b\u00fcy\u00fcleyici&#8230; <\/p>\n","protected":false},"author":1,"featured_media":476,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[99],"class_list":["post-475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-konya"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/475","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=475"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/475\/revisions"}],"predecessor-version":[{"id":477,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/475\/revisions\/477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/476"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}