{"id":222,"date":"2026-02-17T18:14:19","date_gmt":"2026-02-17T18:14:19","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisken\/?p=222"},"modified":"2026-05-07T11:03:18","modified_gmt":"2026-05-07T11:03:18","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-selec-selcuk-pharmaceutical-warehouse-2025-12-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisken\/222","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #SELEC | Selcuk Pharmaceutical Warehouse 2025\/12 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk\/embed\/episodes\/SELEC--Selcuk-Pharmaceutical-Warehouse-202512-Earnings-Analysis-e3f7lsl\/a-acfrk95\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>Key Highlights from the 2025 Financial Reports<\/em><\/strong><br \/>\n<em>\u2022 Independent Audit Opinion: The Group\u2019s financial statements received an unqualified opinion from Yeditepe Ba\u011f\u0131ms\u0131z Denetim, meaning the reports fairly represent the financial position and performance in accordance with Turkish Financial Reporting Standards (TFRS).<\/em><br \/>\n<em>\u2022 Revenue Growth: The Group reported total revenue of 172.01 billion TL for 2025, a slight increase compared to 168.35 billion TL in 2024.<\/em><br \/>\n<em>\u2022 Net Profitability Shift: The Group recorded a net loss of 379.80 million TL for the year 2025, a significant shift from the net profit of 2.69 billion TL reported in 2024.<\/em><br \/>\n<em>\u2022 Impact of Inflation Accounting (TMS 29): The financial statements were prepared using high-inflation accounting principles. A major factor in the net loss was the net monetary position loss of 4.87 billion TL, which reflects the impact of inflation on the Group\u2019s purchasing power.<\/em><br \/>\n<em>\u2022 Asset Composition: Total assets reached 80.93 billion TL as of year-end 2025. Trade receivables remain a critical component, amounting to 42.56 billion TL, which accounts for approximately 52.60% of total assets.<\/em><br \/>\n<em>\u2022 Operational Scale: Sel\u00e7uk Ecza continues to be a major player in pharmaceutical distribution with 27 main branches and 83 regional warehouses across Turkey. As of December 31, 2025, the Group employed 5,971 personnel.<\/em><br \/>\n<em>\u2022 Dividends: Despite the net loss for the reporting year, the Group paid a cash dividend of 286.81 million TL in 2025 (based on 2024 results).<\/em><br \/>\n<em>\u2022 Key Audit Matter: The auditor identified the recoverability of trade receivables as a key audit matter due to the high volume of customers and the estimates required for credit loss provisions under TFRS 9.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBYQ1_7WkAASC1k?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<h1>The $4.9 Billion Paradox: Behind the 2025 Inflationary Squeeze of Turkey\u2019s Pharmaceutical Titan<\/h1>\n<h3>The Invisible Backbone of Healthcare<\/h3>\n<p>Every time you walk into a neighborhood pharmacy to pick up a life-saving prescription or a simple box of aspirin, you are witnessing the final step of a massive, invisible ballet. Medicines do not simply appear on those shelves; they are funneled through a complex web of logistics that must balance clinical urgency with economic reality. At the heart of this system in Turkey stands Sel\u00e7uk Ecza Deposu, a titan of pharmaceutical distribution. As the primary bridge between global manufacturers and thousands of hospitals and pharmacies, the company\u2019s 2025 performance offers a fascinating\u2014and perhaps startling\u2014look at how a company can dominate an industry yet still find itself grappling with the harsh realities of a hyperinflationary economy.<\/p>\n<h3>The $4.9 Billion Revenue Paradox<\/h3>\n<p>The most striking feature of Sel\u00e7uk Ecza Deposu\u2019s 2025 financial report is the sheer scale of its operations contrasted against its final bottom line. In 2025, the company generated a staggering <b>4.915 billion (172.01 billion TL)** in revenue (*Has\u0131lat*). However, the narrative of growth is complicated by a surprising transition: after booking a net profit of **<\/b><b>77.0 million (2.69 billion TL)<\/b> in 2024, the company reported a <b>net period loss of $10.85 million (379.8 million TL)<\/b> for 2025.<\/p>\n<p>As an analyst, it is critical to note that this &#8220;paradox&#8221; began well before the accounting adjustments. Despite the increase in sales volume, core margins were squeezed; Gross Profit (<i>Br\u00fct Kar<\/i>) actually fell from 17.03 billion TL in 2024 to 14.19 billion TL in 2025. This indicates that the cost of sales grew significantly faster than revenue. The integrity of these complex figures is verified by the independent auditor, Y\u0131lmaz G\u00fcney of Yeditepe Ba\u011f\u0131ms\u0131z Denetim ve Yeminli Mali M\u00fc\u015favirlik A.\u015e. (an associate member of Praxity):<\/p>\n<p>&#8220;In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of 31 December 2025&#8230; in accordance with Turkey Financial Reporting Standards (TFRSs).&#8221;<\/p>\n<h3>A Balance Sheet Built on Credit: The $1.216 Billion Receivable<\/h3>\n<p>For Sel\u00e7uk Ecza Deposu, the balance sheet is less about cash on hand and more about the promises of payment. As of late 2025, the company held <b>$1.216 billion (42.56 billion TL)<\/b> in trade receivables (<i>Ticari Alacaklar<\/i>), representing a massive <b>52.60% of its total assets<\/b>.<\/p>\n<p>The risk of this credit-heavy model is underscored by the company\u2019s dwindling liquidity; cash and cash equivalents dropped from 142.7 million (4.99 billion TL) in 2024 to just **84.4 million (2.95 billion TL)** in 2025. Managing $1.216 billion in &#8220;IOUs&#8221; requires rigorous oversight, which the auditors identified as a &#8220;Key Audit Matter.&#8221; To verify the recoverability of these funds, the following procedures were conducted:<\/p>\n<ul>\n<li><b>Confirmation Letters:<\/b> Direct verification of balances by sending letters to a sample of pharmacy and hospital debtors.<\/li>\n<li><b>Post-Balance Sheet Testing:<\/b> Evaluating actual cash collections made after the reporting date to prove the validity of the year-end balances.<\/li>\n<li><b>Collateral Verification:<\/b> Sampling mortgages and guarantees held against pharmacy credit limits.<\/li>\n<li><b>Legal Review:<\/b> Analyzing reports from legal counsel regarding overdue accounts currently in litigation to ensure adequate provisioning.<\/li>\n<\/ul>\n<h3>The Logistics Empire: 5,900+ Employees and 110 Locations<\/h3>\n<p>The operational scale required to move billions of dollars in medicine across Turkey is immense. Sel\u00e7uk Ecza Deposu, along with its subsidiary <b>As Ecza<\/b>, functions as a critical infrastructure provider. The group employs <b>5,971 people<\/b>; a deeper look reveals that <b>5,145<\/b> of these professionals are employed directly by the parent company (<i>Ana Ortakl\u0131k<\/i>).<\/p>\n<p>Their physical footprint is equally impressive, consisting of <b>27 main branches<\/b> and <b>83 regional warehouses<\/b> (110 total distribution points). This network ensures that even remote pharmacies have access to the same medical inventory as those in Istanbul. Acting as the primary bridge between manufacturers and health providers, the group manages thousands of daily shipments while maintaining the strict temperature-controlled &#8220;cold chain&#8221; requirements essential for modern pharmaceuticals.<\/p>\n<h3>Navigating Hyperinflation: The TMS 29 Effect<\/h3>\n<p>The primary driver behind the reported net loss in a high-revenue year is the application of inflation accounting (TMS 29). In economies where the 3-year cumulative inflation rate exceeds 100%\u2014which in Turkey reached a reported <b>211%<\/b>\u2014financial statements must be adjusted to reflect the loss of purchasing power.<\/p>\n<p>This adjustment resulted in a &#8220;Net Monetary Position Loss&#8221; of approximately <b>$139.30 million (4.87 billion TL)<\/b>. Because the company holds massive monetary assets like trade receivables, the &#8220;melting&#8221; value of the currency creates significant paper losses. It is the ultimate storyteller\u2019s challenge: the company is moving more product than ever to keep the nation healthy, but the currency is devaluing faster than those operational gains can be converted into booked profit.<\/p>\n<h3>Conclusion: A Forward-Looking Reflection<\/h3>\n<p>Sel\u00e7uk Ecza Deposu remains a cornerstone of the Turkish healthcare system, demonstrating incredible resilience by maintaining a 110-location network and a nearly 6,000-person workforce. However, the 2025 figures serve as a stark reminder of how hyperinflation can distort traditional business metrics.<\/p>\n<p>When a nation\u2019s medicine supply chain faces a $139 million inflationary headwind, how do the metrics of &#8220;success&#8221; need to change for the companies keeping us healthy?<\/p>\n<p>&nbsp;<\/p>\n<h1>Briefing Document: Consolidated Financial Performance and Audit Analysis of Sel\u00e7uk Ecza Deposu (2025)<\/h1>\n<h2>Executive Summary<\/h2>\n<p>This briefing document synthesizes the consolidated financial results and independent audit findings for <b>Sel\u00e7uk Ecza Deposu Ticaret ve Sanayi A.\u015e.<\/b> (the &#8220;Group&#8221;) for the fiscal year ending December 31, 2025.<\/p>\n<p>The Group, a dominant player in the Turkish pharmaceutical distribution sector, received an <b>unqualified audit opinion<\/b> from Yeditepe Ba\u011f\u0131ms\u0131z Denetim, indicating that the financial statements fairly represent the Group&#8217;s position in accordance with Turkey Financial Reporting Standards (TFRS). However, the fiscal year 2025 was marked by a transition from profitability to a <b>net loss of <\/b><b>10.85 million**, despite a slight increase in nominal revenue to **<\/b><b>4.91 billion<\/b>.<\/p>\n<p>Critical concerns identified include a heavy concentration of assets in trade receivables (52.60% of total assets) and the significant impact of hyperinflationary accounting (TMS 29), with three-year cumulative inflation recorded at 211%.<\/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. Corporate Profile and Scope of Operations<\/h2>\n<p>Sel\u00e7uk Ecza Deposu operates as a critical intermediary between pharmaceutical manufacturers, hospitals, and pharmacies.<\/p>\n<ul>\n<li><b>Network Reach:<\/b> As of year-end 2025, the Group operates <b>27 main branches<\/b> and <b>83 regional warehouses<\/b> across Turkey.<\/li>\n<li><b>Human Capital:<\/b> The workforce totaled <b>5,971 employees<\/b>, a decrease from 6,157 in the previous year.<\/li>\n<li><b>Ownership Structure:<\/b> The Group is primarily controlled by <b>Sel\u00e7uk Ecza Holding A.\u015e.<\/b> (77.32% direct, 82.42% total including market purchases). The Ahmet and Nezahat Kele\u015fo\u011flu Foundation maintains a 51% stake in the holding company.<\/li>\n<li><b>Diversification:<\/b> Beyond pharmaceutical distribution, the Group operates &#8220;Itriyat&#8221; (cosmetics and personal care) sections in 8 branches, though this remains below 10% of total revenue.<\/li>\n<\/ul>\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. Independent Audit and Key Audit Matters<\/h2>\n<p>The audit was conducted by <b>Yeditepe Ba\u011f\u0131ms\u0131z Denetim ve Yeminli Mali M\u00fc\u015favirlik A.\u015e.<\/b> (an associate member of PRAXITY).<\/p>\n<h3>2.1 The Audit Opinion<\/h3>\n<p>The auditor stated:<\/p>\n<p>&#8220;In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of 31 December 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with TFRS.&#8221;<\/p>\n<h3>2.2 Key Audit Matter: Trade Receivables<\/h3>\n<p>The recoverability of trade receivables was identified as the primary audit risk.<\/p>\n<ul>\n<li><b>Exposure:<\/b> Trade receivables totaled <b>$1,216.12 million<\/b>, representing <b>52.60%<\/b> of total assets.<\/li>\n<li><b>Risk Profile:<\/b> Receivables are spread across a high volume of customers with low individual balances.<\/li>\n<li><b>Audit Response:<\/b> The auditors evaluated credit limits, collateral, and aging reports. They specifically reviewed doubtful debt provisions and performed circularization (confirmation letters) for a sample of balances.<\/li>\n<\/ul>\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. Financial Position Analysis<\/h2>\n<p>The following table summarizes the consolidated balance sheet as of December 31, 2025 (converted at a rate of 1 USD = 35.00 TRY for reporting purposes).<\/p>\n<h3>Consolidated Financial Status (USD)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Asset Category<\/td>\n<td>Dec 31, 2025 (USD)<\/td>\n<td>Dec 31, 2024 (USD)<\/td>\n<\/tr>\n<tr>\n<td><b>Current Assets<\/b><\/td>\n<td><b>$1,967,112,303.89<\/b><\/td>\n<td><b>$2,240,261,416.20<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Cash and Equivalents<\/td>\n<td>$84,444,441.26<\/td>\n<td>$142,712,229.37<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Trade Receivables<\/td>\n<td>$1,216,121,316.43<\/td>\n<td>$1,200,906,028.74<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Inventories<\/td>\n<td>$476,665,821.17<\/td>\n<td>$468,950,994.06<\/td>\n<\/tr>\n<tr>\n<td><b>Non-Current Assets<\/b><\/td>\n<td><b>$345,086,495.77<\/b><\/td>\n<td><b>$355,008,405.49<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Tangible Fixed Assets<\/td>\n<td>$261,961,392.46<\/td>\n<td>$262,157,333.03<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Goodwill<\/td>\n<td>$24,347,361.31<\/td>\n<td>$24,347,361.31<\/td>\n<\/tr>\n<tr>\n<td><b>TOTAL ASSETS<\/b><\/td>\n<td><b>$2,312,198,799.66<\/b><\/td>\n<td><b>$2,595,269,821.69<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Short-Term Liabilities<\/b><\/td>\n<td>$1,425,413,825.91<\/td>\n<td>$1,684,054,200.14<\/td>\n<\/tr>\n<tr>\n<td><b>Long-Term Liabilities<\/b><\/td>\n<td>$30,425,270.66<\/td>\n<td>$32,551,336.03<\/td>\n<\/tr>\n<tr>\n<td><b>TOTAL EQUITY<\/b><\/td>\n<td><b>$856,359,703.09<\/b><\/td>\n<td><b>$878,664,285.51<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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. Operational Performance and Profitability<\/h2>\n<p>The Group experienced a significant downturn in profitability during 2025.<\/p>\n<h3>Income Statement Summary (USD)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metric<\/td>\n<td>2025 (USD)<\/td>\n<td>2024 (USD)<\/td>\n<\/tr>\n<tr>\n<td><b>Revenue<\/b><\/td>\n<td><b>$4,914,603,278.60<\/b><\/td>\n<td><b>$4,810,092,233.89<\/b><\/td>\n<\/tr>\n<tr>\n<td>Cost of Sales<\/td>\n<td>($4,508,924,071.20)<\/td>\n<td>($4,323,379,988.89)<\/td>\n<\/tr>\n<tr>\n<td><b>Gross Profit<\/b><\/td>\n<td><b>$405,679,207.40<\/b><\/td>\n<td><b>$486,712,245.00<\/b><\/td>\n<\/tr>\n<tr>\n<td>Operating Profit<\/td>\n<td>$59,135,719.00<\/td>\n<td>$170,451,815.23<\/td>\n<\/tr>\n<tr>\n<td>Net Monetary Position Gain\/(Loss)<\/td>\n<td>($139,296,848.09)<\/td>\n<td>($156,115,093.97)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Profit\/(Loss) for the Period<\/b><\/td>\n<td><b>($10,851,503.46)<\/b><\/td>\n<td><b>$76,992,098.51<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Key Performance Insights<\/h3>\n<ul>\n<li><b>Revenue Growth:<\/b> Nominal revenue in TRY increased by 2.17%, but the cost of sales grew at a higher rate (4.29%), leading to a <b>16.6% decline in gross profit<\/b>.<\/li>\n<li><b>Net Loss Drivers:<\/b> The primary driver for the net loss was the impact of hyperinflationary accounting. The Net Monetary Position Loss of <b>139.30 million** and a surge in marketing expenses to **<\/b><b>254.25 million<\/b> weighed heavily on the bottom line.<\/li>\n<li><b>Loss Per Share:<\/b> The Group reported a loss per share of <b>0.0175** (0.612 TL), compared to a profit of **<\/b><b>0.1240<\/b> (4.339 TL) in 2024.<\/li>\n<\/ul>\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. Inflation Accounting (TMS 29)<\/h2>\n<p>In accordance with KGK regulations, the Group applied inflation adjustment to its 2025 financial statements.<\/p>\n<ul>\n<li><b>Three-Year Cumulative Inflation:<\/b> 211% as of Dec 31, 2025.<\/li>\n<li><b>Methodology:<\/b> All non-monetary assets (fixed assets, inventories, equity) were restated to the purchasing power of the TRY as of the balance sheet date.<\/li>\n<li><b>Monetary Impact:<\/b> The net monetary position loss indicates that the Group&#8217;s monetary assets exceeded its monetary liabilities during a period of high inflation, leading to a loss in purchasing power.<\/li>\n<\/ul>\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>6. Liquidity and Capital Resources<\/h2>\n<ul>\n<li><b>Cash Reserves:<\/b> Cash and equivalents decreased significantly to <b>$84.44 million<\/b> from $142.71 million.<\/li>\n<li><b>Borrowings:<\/b> The Group managed to drastically reduce its total borrowings from <b>300.38 million** in 2024 to **<\/b><b>22.74 million<\/b> in 2025, largely by settling issued debt instruments and bank loans.<\/li>\n<li><b>Dividends:<\/b> On April 17, 2025, the Group paid a cash dividend totaling <b>$8.19 million<\/b> (286.8 million TL).<\/li>\n<li><b>Litigation:<\/b> The Group is involved in various legal proceedings, maintaining a provision of <b>450,463** for lawsuits. Total execution proceedings initiated by the Group against third parties amount to **<\/b><b>8.21 million<\/b>.<\/li>\n<\/ul>\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>7. Significant Accounting Estimates and Assumptions<\/h2>\n<p>The Group&#8217;s management utilizes several critical estimates:<\/p>\n<ul>\n<li><b>Doubtful Receivables:<\/b> Calculated using the TFRS 9 simplified approach (lifetime expected credit losses).<\/li>\n<li><b>Inventory Valuation:<\/b> Valued at the lower of cost (FIFO) or net realizable value, net of financing costs.<\/li>\n<li><b>Employee Benefits:<\/b> Retirement pay liability (K\u0131dem Tazminat\u0131) is calculated using an <b>inflation rate of 21.00%<\/b> and a <b>discount rate of 24.80%<\/b>, with a 91% probability of continued employment.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Sel\u00e7uk Ecza Deposu 2025 Financial Year: Stability Amidst Economic Headwinds<br \/>\nSel\u00e7uk Ecza Deposu Ticaret ve Sanayi A.\u015e. has released its consolidated financial results for the year ending December 31, 2025, highlighting a year of operational resilience and significant adjustments due to high-inflation accounting.<br \/>\nWhile the Group saw its revenue grow to 172.01 billion TL, the bottom line was heavily impacted by the economic environment. Under the application of TMS 29 (Financial Reporting in Hyperinflationary Economies), the company reported a net loss of 379.80 million TL, primarily driven by a 4.87 billion TL loss in net monetary position.<br \/>\nKey Takeaways for Stakeholders:<br \/>\n\u2022 Solid Asset Base: The company maintains a strong balance sheet with 80.93 billion TL in total assets, dominated by trade receivables that reflect its vast distribution network.<br \/>\n\u2022 Extensive Reach: With 110 distribution points (27 main branches and 83 regional warehouses) and nearly 6,000 employees, Sel\u00e7uk Ecza remains a cornerstone of the Turkish pharmaceutical supply chain.<br \/>\n\u2022 Commitment to Shareholders: The Group demonstrated its dedication to investor returns by distributing 286.81 million TL in dividends during the first half of 2025.<br \/>\nAs we move into 2026, the Group\u2019s focus remains on managing credit risks and maintaining its market-leading distribution efficiency across Turkey.<\/p>\n","protected":false},"author":1,"featured_media":148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[48],"class_list":["post-222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-selec"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/comments?post=222"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/222\/revisions"}],"predecessor-version":[{"id":226,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/222\/revisions\/226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media\/148"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media?parent=222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/categories?post=222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/tags?post=222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}