{"id":61,"date":"2025-12-17T14:40:03","date_gmt":"2025-12-17T11:40:03","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=61"},"modified":"2025-12-17T15:13:58","modified_gmt":"2025-12-17T12:13:58","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-bmsch-bms-celik-hasir-sanayi-2025-9-bilanco-analizi-imtiyazli-paylarin-gucu-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/61","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BMSCH | BMS \u00c7elik Has\u0131r Sanayi 2025\/9 Bilan\u00e7o Analizi | \u0130mtiyazl\u0131 Paylar\u0131n G\u00fcc\u00fc \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BMSCH | BMS \u00c7elik Has\u0131r Sanayi 2025\/9 Bilan\u00e7o Analizi | \u0130mtiyazl\u0131 Paylar\u0131n G\u00fcc\u00fc \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/ULqQoD7PhWQ?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>Bir Sanayi Devinin Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Kurumsal faaliyet raporlar\u0131 genellikle rakamlarla dolu, yo\u011fun ve pek de ilgi \u00e7ekici olmayan belgeler olarak g\u00f6r\u00fcl\u00fcr. Peki ya bu belgeler, g\u00f6z \u00f6n\u00fcnde saklanan strateji, g\u00fc\u00e7 ve devasa geri d\u00f6n\u00fc\u015flere dair b\u00fcy\u00fcleyici hikayeler bar\u0131nd\u0131r\u0131yorsa? Bu makale, T\u00fcrkiye&#8217;nin \u00e7elik sekt\u00f6r\u00fcndeki en \u00f6nemli oyunculardan biri olan BMS \u00c7elik Has\u0131r&#8217;\u0131n son faaliyet raporunun derinliklerinden \u00e7\u0131kar\u0131lan en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili d\u00f6rt ger\u00e7e\u011fi ortaya koyuyor.<\/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><b>1. Bir Hisse Her Zaman Bir Oy De\u011fildir: \u0130mtiyazl\u0131 Paylar\u0131n G\u00fcc\u00fc<\/b><\/h3>\n<p>Bir \u015firketin t\u00fcm hisselerinin e\u015fit yarat\u0131lmad\u0131\u011f\u0131n\u0131 bilmek, finansal okuryazarl\u0131\u011f\u0131n temel ta\u015flar\u0131ndan biridir. BMS \u00c7elik Has\u0131r&#8217;\u0131n ortakl\u0131k yap\u0131s\u0131, bu konuya m\u00fckemmel bir \u00f6rnek te\u015fkil ediyor. \u015eirket sermayesi A ve B Grubu olmak \u00fczere iki farkl\u0131 pay t\u00fcr\u00fcne ayr\u0131lm\u0131\u015f durumda. Aradaki fark ise y\u00f6netimdeki g\u00fc\u00e7 dengesini tamamen de\u011fi\u015ftiriyor: A Grubu paylar\u0131n her biri genel kurulda <b>15 oy<\/b> hakk\u0131na sahipken, B Grubu paylar\u0131n her biri ise yaln\u0131zca <b>1 oy<\/b> hakk\u0131na sahiptir.<\/p>\n<p>Bu yap\u0131n\u0131n en \u00e7arp\u0131c\u0131 sonucu, Y\u00f6netim Kurulu Ba\u015fkan\u0131 Ahmet Rauf MOLLAO\u011eLU&#8217;nun pozisyonunda g\u00f6r\u00fcl\u00fcyor. Kendisi toplam sermayenin %36,41&#8217;ine sahipken, imtiyazl\u0131 A Grubu hisseleri sayesinde \u015firketin toplam oy g\u00fcc\u00fcn\u00fcn %63,80&#8217;ini elinde tutuyor. Bu yap\u0131, kurucu \u00fcyelerin veya kilit stratejistlerin, \u015firket halka a\u00e7\u0131ld\u0131ktan sonra bile uzun vadeli vizyonu ve kontrol\u00fc s\u00fcrd\u00fcrmesine olanak tan\u0131yan g\u00fc\u00e7l\u00fc bir mekanizmad\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><b>2. K\u00e2rl\u0131l\u0131kta Muazzam S\u0131\u00e7rama: Faaliyet Zarar\u0131ndan K\u00e2ra Ge\u00e7i\u015fin Hikayesi<\/b><\/h3>\n<p>Raporun i\u00e7indeki en \u00e7arp\u0131c\u0131 hikaye, \u015firketin operasyonel performans\u0131ndaki inan\u0131lmaz iyile\u015fmedir. Finansal tablolara bak\u0131ld\u0131\u011f\u0131nda, bir y\u0131ldan di\u011ferine ge\u00e7i\u015fte ya\u015fanan devasa s\u0131\u00e7rama hemen g\u00f6ze \u00e7arp\u0131yor.<\/p>\n<p>FAV\u00d6K (Faiz, Amortisman ve Vergi \u00d6ncesi K\u00e2r) rakamlar\u0131ndaki de\u011fi\u015fim durumu \u00f6zetliyor:<\/p>\n<ul>\n<li><b>30.09.2024 FAV\u00d6K:<\/b> -125.860.690 TL<\/li>\n<li><b>30.09.2025 FAV\u00d6K:<\/b> 54.043.970 TL<\/li>\n<\/ul>\n<p>Basit bir dille ifade etmek gerekirse, \u015firket bir \u00f6nceki y\u0131l 125 milyon TL&#8217;nin \u00fczerinde faaliyet zarar\u0131 a\u00e7\u0131klarken, bu y\u0131l 54 milyon TL&#8217;nin \u00fczerinde bir faaliyet k\u00e2r\u0131na ula\u015fm\u0131\u015f durumda.<\/p>\n<p>Bu pozitif tabloyu Br\u00fct K\u00e2r rakamlar\u0131 da destekliyor:<\/p>\n<ul>\n<li><b>30.09.2024 Br\u00fct K\u00e2r:<\/b> 27.519.929 TL<\/li>\n<li><b>30.09.2025 Br\u00fct K\u00e2r:<\/b> 165.078.583 TL<\/li>\n<\/ul>\n<p>Bu geri d\u00f6n\u00fc\u015f\u00fc daha da etkileyici k\u0131lan ise, ayn\u0131 d\u00f6nemde \u015firketin toplam has\u0131lat\u0131n\u0131n d\u00fc\u015fm\u00fc\u015f olmas\u0131d\u0131r. Bu durum, \u015firketin daha y\u00fcksek k\u00e2r marjl\u0131 faaliyetlere ustaca y\u00f6neldi\u011fini, agresif bir maliyet optimizasyonu yapt\u0131\u011f\u0131n\u0131 veya her ikisini birden ba\u015fard\u0131\u011f\u0131n\u0131 g\u00f6steriyor \u2014 bu, g\u00fc\u00e7l\u00fc bir operasyonel y\u00f6netimin a\u00e7\u0131k 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><b>3. Hayat\u0131n\u0131z\u0131n Her Yerindeki Gizli Kahraman<\/b><\/h3>\n<p>Her g\u00fcn kulland\u0131\u011f\u0131m\u0131z devasa k\u00f6pr\u00fcleri, t\u00fcnelleri veya otoyollar\u0131 kimin in\u015fa etti\u011fini biliriz, peki ya onlar\u0131 bir arada tutan \u00e7eli\u011fi kimin \u00fcretti\u011fini hi\u00e7 d\u00fc\u015f\u00fcn\u00fcr m\u00fcy\u00fcz? BMS \u00c7elik Has\u0131r, T\u00fcrkiye&#8217;nin en ikonik altyap\u0131 projelerinin temelinde yer alan, ancak genellikle g\u00f6r\u00fcnmeyen bir kahraman konumunda. Raporun &#8220;Nerelerde Var\u0131z?&#8221; b\u00f6l\u00fcm\u00fc, \u015firketin etki alan\u0131n\u0131n ne kadar geni\u015f oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor. \u0130\u015fte \u00fcr\u00fcnlerinin kullan\u0131ld\u0131\u011f\u0131 o dev projelerden sadece birka\u00e7\u0131:<\/p>\n<ul>\n<li>1915 \u00c7anakkale K\u00f6pr\u00fcs\u00fc<\/li>\n<li>Avrasya T\u00fcneli<\/li>\n<li>\u0130zmir \u0130stanbul Otoban Projesi<\/li>\n<li>YHT Ankara \u0130zmir Projesi<\/li>\n<li>T\u00fcrkiye Geneli TOK\u0130 Projeleri<\/li>\n<li>T\u00fcrkiye Geneli T\u00fcm Havaalanlar\u0131<\/li>\n<li>T\u00fcrkiye Geneli Barajlar<\/li>\n<\/ul>\n<p>Bu liste, \u015firketin sadece bir sanayi kurulu\u015fu olmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda \u00fclkenin geli\u015fiminin temel ta\u015flar\u0131n\u0131 d\u00f6\u015feyen stratejik bir oyuncu oldu\u011funu kan\u0131tl\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><b>4. Y\u00f6netimdeki Usta-\u00c7\u0131rak Dengesi: Tecr\u00fcbe ve Uluslararas\u0131 Vizyon Bir Arada<\/b><\/h3>\n<p>Bir \u015firketin ba\u015far\u0131s\u0131, genellikle y\u00f6netim kurulundaki tecr\u00fcbe ve modern vizyonun harmanlanmas\u0131yla do\u011frudan ili\u015fkilidir. BMS&#8217;nin y\u00f6netim kurulu, bu dengeye dair ders niteli\u011finde bir yap\u0131 sunuyor. Kuruldaki iki ba\u011f\u0131ms\u0131z \u00fcyenin profilleri aras\u0131ndaki z\u0131tl\u0131k, bu stratejik dengeyi m\u00fckemmel bir \u015fekilde ortaya koyuyor:<\/p>\n<ul>\n<li><b>Necati \u00d6ZSOY (Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi):<\/b> 1940 do\u011fumlu olan \u00d6zsoy, kariyerine 1959 y\u0131l\u0131nda ba\u015flam\u0131\u015f, T\u00fcrkiye Demir \u00c7elik \u0130\u015fletmeleri&#8217;nden Diler Holding&#8217;e kadar sekt\u00f6r\u00fcn duayen kurumlar\u0131nda on y\u0131llar boyunca \u00fcst d\u00fczey y\u00f6neticilik yapm\u0131\u015f bir isim. O, sekt\u00f6r\u00fcn haf\u0131zas\u0131n\u0131 ve derin tecr\u00fcbesini temsil ediyor.<\/li>\n<li><b>Tu\u011f\u00e7e \u015e\u0131k KESK\u0130NT\u00dcRK (Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi):<\/b> 2016 y\u0131l\u0131nda hukuk fak\u00fcltesinden mezun olan Keskint\u00fcrk, kariyerini Londra&#8217;da uluslararas\u0131 \u015firket birle\u015fmeleri, devralmalar (M&amp;A), halka arzlar (IPO) ve kurumsal hukuk \u00fczerine in\u015fa etmi\u015f modern bir uzman. O, \u015firketin k\u00fcresel vizyonunu ve uluslararas\u0131 hukuki stratejisini temsil ediyor.<\/li>\n<\/ul>\n<p>Bu g\u00fc\u00e7l\u00fc kombinasyon, bir yanda sekt\u00f6r\u00fcn t\u00fcm dinamiklerine hakim bir bilgelik, di\u011fer yanda ise en g\u00fcncel k\u00fcresel finans ve hukuk stratejilerini masaya getiren bir vizyonu bir araya getiriyor. Bu iki ismin de <b>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/b> olmas\u0131, bu dengenin tesad\u00fcf olmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu, \u015firketin yat\u0131r\u0131mc\u0131lara g\u00fc\u00e7l\u00fc bir sinyal g\u00f6ndererek, hem sekt\u00f6r\u00fcn k\u00f6kl\u00fc zorluklar\u0131na kar\u015f\u0131 deneyimli bir g\u00f6zetim sa\u011flad\u0131\u011f\u0131n\u0131 hem de uluslararas\u0131 piyasalar\u0131n karma\u015f\u0131k hukuki ve finansal gerekliliklerine haz\u0131r oldu\u011funu kan\u0131tlayan bilin\u00e7li bir kurumsal y\u00f6netim 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><b>Conclusion<\/b><\/h3>\n<p>BMS \u00c7elik Has\u0131r&#8217;\u0131n faaliyet raporu, ilk bak\u0131\u015fta sadece bir rakam y\u0131\u011f\u0131n\u0131 gibi g\u00f6r\u00fcnebilir. Ancak daha yak\u0131ndan incelendi\u011finde, hisse yap\u0131lar\u0131ndaki gizli g\u00fc\u00e7 dengelerinden inan\u0131lmaz bir finansal geri d\u00f6n\u00fc\u015fe, \u00fclkenin altyap\u0131s\u0131ndaki g\u00f6r\u00fcnmez rol\u00fcnden y\u00f6netim kurulundaki stratejik tecr\u00fcbe harman\u0131na kadar bir\u00e7ok \u00e7arp\u0131c\u0131 hikaye bar\u0131nd\u0131r\u0131yor.<\/p>\n<p>S\u0131radan bir raporun i\u00e7inde daha ne gibi hikayeler sakl\u0131 olabilir?<\/p>\n<p>&nbsp;<\/p>\n<p><!--more--><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">BMS \u00c7elik Has\u0131r Sanayi ve Ticaret A.\u015e. Faaliyet Raporu Analizi ve Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, BMS \u00c7EL\u0130K HASIR SANAY\u0130 VE T\u0130CARET A.\u015e.&#8217;nin 30.09.2025 tarihli Faaliyet Raporu&#8217;nda sunulan verileri sentezleyerek \u015firketin kurumsal yap\u0131s\u0131, operasyonel faaliyetleri, finansal performans\u0131 ve stratejik geli\u015fmeleri hakk\u0131nda kapsaml\u0131 bir analiz sunmaktad\u0131r. Rapor, ciroda bir d\u00fc\u015f\u00fc\u015f ya\u015fanmas\u0131na ra\u011fmen, br\u00fct k\u00e2rl\u0131l\u0131k ve FAV\u00d6K&#8217;te kaydedilen \u00f6nemli art\u0131\u015fla \u015firketin verimlilik ve k\u00e2rl\u0131l\u0131k odakl\u0131 bir iyile\u015fme s\u00fcrecinde oldu\u011funu g\u00f6stermektedir. \u0130hracat hacmindeki art\u0131\u015f, toplam sat\u0131\u015f tonaj\u0131n\u0131 pozitif y\u00f6nde etkilemi\u015ftir. 2025 y\u0131l\u0131, \u015firketin bedelsiz sermaye art\u0131r\u0131m\u0131, pay geri al\u0131m program\u0131 ba\u015flatmas\u0131, kay\u0131tl\u0131 sermaye tavan\u0131n\u0131 art\u0131rma hedefi ve Alia\u011fa&#8217;daki varl\u0131\u011f\u0131n\u0131n stratejik olarak de\u011ferlendirilmesi gibi \u00f6nemli kurumsal hamlelere sahne olmu\u015ftur. Yeni kurulan S\u00fcrd\u00fcr\u00fclebilirlik Komitesi, \u015firketin kurumsal y\u00f6netim ilkelerine verdi\u011fi \u00f6nemi peki\u015ftirmektedir.<\/p>\n<h2>1. Kurumsal Kimlik ve Operasyonel Faaliyetler<\/h2>\n<h3>1.1. \u015eirket Profili ve Tarih\u00e7e<\/h3>\n<p>1971&#8217;de Manisa Organize Sanayi B\u00f6lgesi&#8217;nde kurulan tesis, 2004 y\u0131l\u0131ndan itibaren <b>BMS \u00c7EL\u0130K HASIR SANAY\u0130 VE T\u0130CARET A.\u015e.<\/b> \u00fcnvan\u0131yla demir-\u00e7elik ve has\u0131r \u00fcr\u00fcnleri imalat\u0131 yapmaktad\u0131r. \u015eirket, TSE ve ISO belgelerine sahip olup, nerv\u00fcrl\u00fc ve yass\u0131 in\u015faat demiri, nerv\u00fcrl\u00fc kangal, in\u015faat \u00e7ivisi ve teli gibi geni\u015f bir \u00fcr\u00fcn yelpazesinin tedari\u011fi ve sat\u0131\u015f\u0131 ile i\u015ftigal etmektedir. \u00c7evre dostu ve uluslararas\u0131 standartlara uygun \u00fcretim anlay\u0131\u015f\u0131yla 5 k\u0131tada 50&#8217;den fazla \u00fclkeye ihracat yapmaktad\u0131r.<\/p>\n<p><b>Temel Kurumsal Bilgiler:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ticaret \u00dcnvan\u0131<\/td>\n<td>BMS \u00c7EL\u0130K HASIR SANAY\u0130 VE T\u0130CARET A\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Kurulu\u015f Tarihi<\/b><\/td>\n<td>17.08.2004<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>100.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131<\/b><\/td>\n<td>100.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Fabrika Adresi<\/b><\/td>\n<td>Manisa OSB 1.K\u0131s\u0131m Ke\u00e7ilik\u00f6y Mahallesi Atat\u00fcrk Caddesi no:3 Yunusemre\/Manisa<\/td>\n<\/tr>\n<tr>\n<td><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i<\/b><\/td>\n<td>PKF Aday Ba\u011f\u0131ms\u0131z Denetim A.\u015e.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Yat\u0131r\u0131mlar ve B\u00fcy\u00fcme<\/h3>\n<p>\u015eirket, operasyonel kapasitesini ve verimlili\u011fini art\u0131rmaya y\u00f6nelik \u00f6nemli yat\u0131r\u0131mlar ger\u00e7ekle\u015ftirmi\u015ftir:<\/p>\n<ul>\n<li><b>Alia\u011fa:<\/b> Toplam 40.000 m\u00b2 alan \u00fczerinde 25.000 m\u00b2 kapal\u0131 alana sahip yeni bir tesis.<\/li>\n<li><b>Yalova:<\/b> Makine \u0130htisas OSB&#8217;de toplam 15.000 m\u00b2&#8217;lik arsa al\u0131m\u0131 (10.000 m\u00b2 + 5.000 m\u00b2 ek al\u0131m).<\/li>\n<li><b>Manisa:<\/b> \u00dcretim tesislerine kurulan 1.460 adet 450 Wp panele sahip G\u00fcne\u015f Enerjisi Santrali (GES).<\/li>\n<li><b>Gebze:<\/b> Tam otomatik \u00c7elik Has\u0131r Kaynak Makinesi ile ikinci \u00fcretim hatt\u0131n\u0131n devreye al\u0131nmas\u0131.<\/li>\n<\/ul>\n<h3>1.3. Pazar Varl\u0131\u011f\u0131 ve Projeler<\/h3>\n<p>BMS \u00c7elik Has\u0131r, T\u00fcrkiye genelinde 50&#8217;den fazla ilde operasyonel varl\u0131\u011fa sahiptir. \u015eirket, \u00fclkenin \u00f6nde gelen altyap\u0131 ve \u00fcstyap\u0131 projelerinde tedarik\u00e7i olarak yer alm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>1915 \u00c7anakkale K\u00f6pr\u00fcs\u00fc<\/li>\n<li>Avrasya T\u00fcneli<\/li>\n<li>\u0130zmir-\u0130stanbul Otoban Projesi<\/li>\n<li>Ankara-\u0130zmir Y\u00fcksek H\u0131zl\u0131 Tren (YHT) Projesi<\/li>\n<li>\u0130zmir Alia\u011fa Petkim ve Socar Tesisleri<\/li>\n<li>T\u00fcrkiye geneli TOK\u0130, baraj, maden oca\u011f\u0131, cezaevi ve havaliman\u0131 projeleri<\/li>\n<\/ul>\n<h2>2. Y\u00f6netim ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>2.1. Y\u00f6netim Kurulu<\/h3>\n<p>\u015eirket Y\u00f6netim Kurulu, Genel Kurul taraf\u0131ndan 3 y\u0131l s\u00fcreyle se\u00e7ilen 5 \u00fcyeden olu\u015fmaktad\u0131r. Kurulda 2 ba\u011f\u0131ms\u0131z \u00fcye bulunmaktad\u0131r. Y\u00f6netim Kurulu Ba\u015fkan\u0131 ile Genel M\u00fcd\u00fcr farkl\u0131 ki\u015filerdir. 2024 y\u0131l\u0131nda Y\u00f6netim Kurulu 21 defa toplanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131-Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<td>G\u00f6rev Tipi<\/td>\n<\/tr>\n<tr>\n<td><b>Ahmet Rauf MOLLAO\u011eLU<\/b><\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>\u0130crac\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>Emre MOLLAO\u011eLU<\/b><\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Yrd.<\/td>\n<td>\u0130crac\u0131 De\u011fil<\/td>\n<\/tr>\n<tr>\n<td><b>Mustafa MOLLAO\u011eLU<\/b><\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi &amp; Genel M\u00fcd\u00fcr<\/td>\n<td>\u0130crac\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>Necati \u00d6ZSOY<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crac\u0131 De\u011fil<\/td>\n<\/tr>\n<tr>\n<td><b>Tu\u011f\u00e7e \u015e\u0131k KESK\u0130NT\u00dcRK<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crac\u0131 De\u011fil<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. \u00dcst Y\u00f6netim<\/h3>\n<p>\u015eirketin idari yap\u0131s\u0131, alan\u0131nda tecr\u00fcbeli y\u00f6neticilerden olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>Mustafa Mollao\u011flu:<\/b> Genel M\u00fcd\u00fcr<\/li>\n<li><b>Emre Mollao\u011flu:<\/b> Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Burcu M\u00fcft\u00fco\u011flu:<\/b> Finans ve Mali \u0130\u015fler Direkt\u00f6r\u00fc<\/li>\n<li><b>Co\u015fkun Teke:<\/b> Sat\u0131\u015f M\u00fcd\u00fcr\u00fc<\/li>\n<li><b>Burhan \u00c7ulcu:<\/b> \u00dcretim M\u00fcd\u00fcr\u00fc<\/li>\n<\/ul>\n<p>01.01.2025-30.09.2025 d\u00f6neminde Y\u00f6netim Kurulu \u00fcyeleri ve \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan huzur hakk\u0131, maa\u015f ve prim gibi menfaatlerin toplam\u0131 (enflasyon muhasebesine g\u00f6re) <b>25.006.949 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<h3>2.3. Ortakl\u0131k ve Pay Yap\u0131s\u0131<\/h3>\n<p>\u015eirket sermayesi A ve B grubu paylardan olu\u015fmaktad\u0131r. A Grubu paylar imtiyazl\u0131 olup, Genel Kurul&#8217;da her bir pay i\u00e7in 15 oy hakk\u0131 tan\u0131rken, B Grubu paylar\u0131n 1 oy hakk\u0131 bulunmaktad\u0131r. A Grubu paylar borsada i\u015flem g\u00f6rmemekte ve bu paylar\u0131n devrinde di\u011fer A grubu ortaklar\u0131n \u00f6n al\u0131m hakk\u0131 bulunmaktad\u0131r. Y\u00f6netim Kurulu Ba\u015fkan\u0131 Ahmet Rauf MOLLAO\u011eLU, %36,41&#8217;lik sermaye pay\u0131na kar\u015f\u0131l\u0131k %63,80&#8217;lik oy hakk\u0131 ile \u015firketin kontrol g\u00fcc\u00fcn\u00fc elinde bulundurmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahibi Grubu<\/td>\n<td>Sermayeye Oran\u0131 (%)<\/td>\n<td>Oy Oran\u0131 (%)<\/td>\n<td>Pay Grubu \/ T\u00fcr\u00fc<\/td>\n<td>Borsa Durumu<\/td>\n<\/tr>\n<tr>\n<td><b>AHMET RAUF MOLLAO\u011eLU<\/b><\/td>\n<td>36,41<\/td>\n<td>63,80<\/td>\n<td>A (Nama) ve B (Hamiline)<\/td>\n<td>A Grubu \u0130\u015flem G\u00f6rm\u00fcyor<\/td>\n<\/tr>\n<tr>\n<td><b>Di\u011fer<\/b><\/td>\n<td>63,59<\/td>\n<td>36,20<\/td>\n<td>B (Hamiline)<\/td>\n<td>\u0130\u015flem G\u00f6r\u00fcyor<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td>100<\/td>\n<td>100<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>3. Finansal Performans ve Sat\u0131\u015f Analizi<\/h2>\n<h3>3.1. \u00d6zet Finansal Tablolar<\/h3>\n<p>\u015eirketin 30.09.2025 itibar\u0131yla finansal performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re ciroda d\u00fc\u015f\u00fc\u015fe ra\u011fmen k\u00e2rl\u0131l\u0131k metriklerinde belirgin bir iyile\u015fme g\u00f6stermi\u015ftir. Br\u00fct K\u00e2r ve Esas Faaliyet K\u00e2r\u0131&#8217;ndaki pozitif de\u011fi\u015fim, maliyet y\u00f6netimi ve operasyonel verimlilikteki art\u0131\u015fa i\u015faret etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>1.781.904.697<\/td>\n<td>2.237.993.694<\/td>\n<td>\u25bc<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>165.078.583<\/td>\n<td>27.519.929<\/td>\n<td>\u25b2<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>16.258.516<\/td>\n<td>(155.607.216)<\/td>\n<td>\u25b2 (Zarardan K\u00e2ra)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(47.985.433)<\/td>\n<td>(191.543.799)<\/td>\n<td>\u25b2 (Zararda Azalma)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Temel Finansal Rasyolar<\/h3>\n<p>Finansal rasyolar, operasyonel k\u00e2rl\u0131l\u0131ktaki toparlanmay\u0131 teyit etmektedir. \u00d6zellikle FAV\u00d6K ve Br\u00fct K\u00e2r Marj\u0131&#8217;ndaki pozitif seyir dikkat \u00e7ekicidir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Rasyolar<\/td>\n<td>30.09.2025<\/td>\n<td>30.09.2024<\/td>\n<td>Yorum<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K<\/b><\/td>\n<td>54.043.970 TL<\/td>\n<td>-125.860.690 TL<\/td>\n<td>Negatiften Pozitife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K Marj\u0131<\/b><\/td>\n<td>3,03%<\/td>\n<td>-5,62%<\/td>\n<td>Belirgin \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r Marj\u0131<\/b><\/td>\n<td>9,26%<\/td>\n<td>1,23%<\/td>\n<td>G\u00fc\u00e7l\u00fc Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Net K\u00e2r Marj\u0131<\/b><\/td>\n<td>-2,69%<\/td>\n<td>-8,56%<\/td>\n<td>Negatif Olsa da \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131<\/b><\/td>\n<td>-4,14%<\/td>\n<td>-16,22%<\/td>\n<td>Negatif Olsa da \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Aktif K\u00e2rl\u0131l\u0131k<\/b><\/td>\n<td>-2,36%<\/td>\n<td>-9,54%<\/td>\n<td>Negatif Olsa da \u0130yile\u015fme<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.3. Sat\u0131\u015f Hacmi (Ton)<\/h3>\n<p>Toplam sat\u0131\u015f hacmi, yurtd\u0131\u015f\u0131 sat\u0131\u015flardaki %21&#8217;lik art\u0131\u015f sayesinde bir \u00f6nceki y\u0131la g\u00f6re y\u00fckselmi\u015ftir. Yurti\u00e7i sat\u0131\u015flar ise yatay bir seyir izlemi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sat\u0131\u015f Kanal\u0131 (Ton)<\/td>\n<td>30.09.2025<\/td>\n<td>30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Yurti\u00e7i Sat\u0131\u015flar<\/b><\/td>\n<td>35.618<\/td>\n<td>35.844<\/td>\n<td>\u25bc -0.6%<\/td>\n<\/tr>\n<tr>\n<td><b>Yurtd\u0131\u015f\u0131 Sat\u0131\u015flar<\/b><\/td>\n<td>10.285<\/td>\n<td>8.477<\/td>\n<td>\u25b2 +21.3%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>45.903<\/b><\/td>\n<td><b>44.320<\/b><\/td>\n<td>\u25b2 <b>+3.6%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>4. Kurumsal Y\u00f6netim ve Stratejik Geli\u015fmeler<\/h2>\n<h3>4.1. Komiteler ve Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri<\/h3>\n<p>SPK Kurumsal Y\u00f6netim Tebli\u011fi uyar\u0131nca \u015firkette; Denetim Komitesi, Riskin Erken Saptanmas\u0131 Komitesi ve Kurumsal Y\u00f6netim Komitesi faaliyet g\u00f6stermektedir. Kurumsal Y\u00f6netim Komitesi, ayn\u0131 zamanda Aday G\u00f6sterme ve \u00dccret Komitelerinin g\u00f6revlerini de \u00fcstlenmi\u015ftir. 14 A\u011fustos 2025 tarihli Ola\u011fan\u00fcst\u00fc Genel Kurul&#8217;da bir <b>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi<\/b> kurulmas\u0131na karar verilmi\u015ftir. Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri Departman\u0131, Ay\u015feg\u00fcl Y\u0131lmaz&#8217;\u0131n m\u00fcd\u00fcrl\u00fc\u011f\u00fcnde faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/p>\n<h3>4.2. 2025 Y\u0131l\u0131 \u00d6nemli Kurumsal Kararlar<\/h3>\n<ul>\n<li><b>Bedelsiz Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirket sermayesi, i\u00e7 kaynaklardan kar\u015f\u0131lanarak %177,12 oran\u0131nda art\u0131r\u0131lm\u0131\u015f ve 100.000.000 TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. \u0130\u015flem Mart 2025&#8217;te tescil edilmi\u015ftir.<\/li>\n<li><b>Pay Geri Al\u0131m Program\u0131:<\/b> Pay fiyat\u0131n\u0131n \u015firket performans\u0131n\u0131 yans\u0131tmamas\u0131 gerek\u00e7esiyle, azami 1.000.000 adet pay i\u00e7in 28.000.000 TL fon ayr\u0131larak 2 y\u0131l s\u00fcreli bir geri al\u0131m program\u0131 ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131n\u0131n Art\u0131r\u0131lmas\u0131:<\/b> Kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n 500.000.000 TL&#8217;ye y\u00fckseltilmesi i\u00e7in SPK&#8217;dan onay al\u0131nm\u0131\u015f olup, konu ilk genel kurulda ortaklar\u0131n onay\u0131na sunulacakt\u0131r.<\/li>\n<li><b>Alia\u011fa Yat\u0131r\u0131m\u0131n\u0131n De\u011ferlendirilmesi:<\/b> \u015eirket m\u00fclkiyetindeki Alia\u011fa OSB&#8217;de bulunan sanayi yap\u0131s\u0131n\u0131n finansal katk\u0131s\u0131n\u0131 maksimize etmek amac\u0131yla, sat\u0131\u015f da dahil olmak \u00fczere stratejik alternatiflerin de\u011ferlendirilmesi i\u00e7in Genel M\u00fcd\u00fcrl\u00fck yetkilendirilmi\u015ftir.<\/li>\n<li><b>K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m\u0131:<\/b> 2024 y\u0131l\u0131 mali tablolar\u0131nda k\u00e2r olu\u015fmad\u0131\u011f\u0131 i\u00e7in k\u00e2r pay\u0131 da\u011f\u0131t\u0131lmamas\u0131na ili\u015fkin Y\u00f6netim Kurulu tavsiyesi Genel Kurul&#8217;da kabul edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.3. Risk De\u011ferlendirmesi<\/h3>\n<p>\u015eirket y\u00f6netimi, ticari ve vergi bor\u00e7lar\u0131n\u0131n periyodik olarak ve aksat\u0131lmadan \u00f6dendi\u011fini, herhangi bir \u00f6deme zorlu\u011fu i\u00e7inde bulunulmad\u0131\u011f\u0131n\u0131 belirtmektedir. Bu do\u011frultuda acil bir risk y\u00f6netimi ihtiyac\u0131 \u00f6ng\u00f6r\u00fclmemektedir. 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde Riskin Erken Saptanmas\u0131 Komitesi 4, Denetimden Sorumlu Komite ise 3 defa toplanm\u0131\u015ft\u0131r.<\/p>\n<h2>5. \u0130nsan Kaynaklar\u0131<\/h2>\n<p>30.09.2025 tarihi itibar\u0131yla \u015firketin toplam \u00e7al\u0131\u015fan say\u0131s\u0131 126&#8217;d\u0131r.<\/p>\n<ul>\n<li><b>Toplam \u00c7al\u0131\u015fan:<\/b> 126\n<ul>\n<li><b>Kad\u0131n:<\/b> 14<\/li>\n<li><b>Erkek:<\/b> 112<\/li>\n<\/ul>\n<\/li>\n<li><b>Beyaz Yakal\u0131:<\/b> 35<\/li>\n<li><b>Mavi Yakal\u0131:<\/b> 91<\/li>\n<\/ul>\n<p>\u015eirkette toplu i\u015f s\u00f6zle\u015fmesi uygulamas\u0131 ve sendikal\u0131 i\u015f\u00e7i bulunmamaktad\u0131r. \u00c7al\u0131\u015fanlara \u00fccretin yan\u0131 s\u0131ra yemek ve ula\u015f\u0131m imk\u00e2n\u0131 sa\u011flanmaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"61\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Sanayi Devinin Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Kurumsal faaliyet raporlar\u0131 genellikle rakamlarla dolu, yo\u011fun ve pek de ilgi \u00e7ekici olmayan belgeler olarak g\u00f6r\u00fcl\u00fcr. Peki ya bu belgeler, g\u00f6z \u00f6n\u00fcnde saklanan strateji, g\u00fc\u00e7 ve devasa geri d\u00f6n\u00fc\u015flere dair b\u00fcy\u00fcleyici hikayeler&#8230; <\/p>\n","protected":false},"author":1,"featured_media":62,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,7],"class_list":["post-61","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-bmsch"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/61","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=61"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/61\/revisions"}],"predecessor-version":[{"id":76,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/61\/revisions\/76"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/62"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=61"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=61"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=61"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}