Quarterly Report • Oct 24, 2025
Quarterly Report
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| Not Reviewed | Audited | |
|---|---|---|
| ASSETS | 30 September 2025 | 31 December 2024 |
| CURRENT ASSETS | 4.769.338.993 | 4.469.906.029 |
| Cash and cash equivalents | 2.775.648.909 | 1.761.009.719 |
| Trade receivables | ||
| - Trade receivables from third parties | 113.818.186 | 254.345.698 |
| Other receivables | ||
| - Other receivables from third parties | 4.205.527 | 4.266.037 |
| Inventories | 1.652.998.574 | 2.134.715.436 |
| Prepaid expenses | 21.051.131 | 9.759.534 |
| Current income tax assets | 35.719.555 | |
| Other current assets | 201.616.666 | 270.090.050 |
| NON-CURRENT ASSETS | 24.087.873.441 | 23.235.540.559 |
| Trade receivables | ||
| - Trade receivables from third parties | 49.919.973 | 29.521.253 |
| Other receivables | ||
| - Other receivables from third parties | 3.755.719 | 6.648.640 |
| Inventories | 3.456.791.208 | 2.769.535.970 |
| Investment properties | 20.161.635.175 | 19.940.818.450 |
| Tangible assets | 15.359.728 | 17.750.966 |
| Intangible assets | ||
| - Other intangible assets | 881.647 | 1.269.479 |
| Prepaid expenses | 391.834.587 | 460.391.974 |
| Other non-current assets | 7.695.404 | 9.603.827 |
| TOTAL ASSETS | 28.857.212.434 | 27.705.446.588 |
| Not Reviewed | Audited | |
|---|---|---|
| LIABILITIES | 30 September 2025 | 31 December 2024 |
| CURRENT LIABILITIES | 1.230.573.057 | 1.168.394.612 |
| Short-term portion of long-term borrowings | ||
| - Short-term portion of long-term borrowings from related parties | 14.174.893 | |
| Trade payables | ||
| - Trade payables to related parties | 1.453.410 | 1.211.290 |
| - Trade payables to third parties | 209.705.521 | 212.765.450 |
| Payables for employee benefits | 2.419.311 | 2.112.912 |
| Other payables | ||
| - Other payables to third parties | 368.569 | 2.972.093 |
| Deferred revenue (Other than contract liabilities) | ||
| - Deferred revenue to related parties | 702.831.886 | 463.467.294 |
| - Deferred revenue to third parties | 64.933.174 | 436.039.798 |
| Current income tax liability | 217.614.633 | |
| Short term provisions | ||
| - Short-term provisions for employee benefits | 8.051.799 | 8.511.202 |
| Other current liabilities | 23.194.754 | 27.139.680 |
| NON-CURRENT LIABILITIES | 4.215.471.764 | 3.752.886.501 |
| Other Payables | ||
| - Other payables to third parties | 62.132.190 | 53.334.507 |
| Deferred revenue (Other than contract liabilities) | ||
| - Deferred revenue from third parties | 724.176.849 | 298.689.830 |
| Long term provisions | ||
| - Long-term provisions for employee benefits | 4.982.151 | 4.624.401 |
| - Other long-term provisions | 20.466.836 | 25.671.468 |
| Deferred tax liability | 3.403.713.738 | 3.370.566.295 |
| TOTAL LIABILITIES | 5.446.044.821 | 4.921.281.113 |
| EQUITY | 23.411.167.613 | 22.784.165.475 |
| Paid-in capital Adjustment to share capital |
3.450.000.000 14.516.900.913 |
3.450.000.000 14.516.900.913 |
| Share premiums | 41.701.087 | 41.701.087 |
| Other comprehensive income not to be reclassified | ||
| to profit or loss - Revaluation and measurement of gains/(losses) |
(3.199.524) | (3.407.005) |
| Restricted reserves appropriated from profit | 300.171.496 | 300.171.496 |
| Retained earnings/(losses) | 4.478.798.984 | 669.249.355 |
| Net profit for the year | 626.794.657 | 3.809.549.629 |
| TOTAL LIABILITIES AND EQUITY | 28.857.212.434 | 27.705.446.588 |
| Not Reviewed | Not Reviewed | Not Reviewed | Not Reviewed | |
|---|---|---|---|---|
| PROFIT / LOSS | 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
| Revenue Cost of sales (-) |
1.740.817.145 (379.848.070) |
535.373.009 (117.757.920) |
7.728.475.922 (7.002.968.000) |
1.745.605.111 (1.539.351.134) |
| Gross Profit | 1.360.969.075 | 417.615.089 | 725.507.922 | 206.253.977 |
| General administrative expenses (-) Marketing expenses (-) Other operating income Other operating expense (-) |
(180.548.435) (34.293.326) 389.634.962 (170.950.530) |
(57.225.259) (12.649.439) (15.703.849) (45.820.836) |
(205.147.321) (47.203.376) 5.392.722.275 (1.274.599.922) |
(68.557.032) (11.671.600) 1.214.203.727 (510.739.462) |
| Operating Income/(Expenses) | 1.364.811.746 | 286.215.706 | 4.591.279.578 | 829.489.610 |
| Operating Profit Before Financial Income / (Expenses) |
1.364.811.746 | 286.215.706 | 4.591.279.578 | 829.489.610 |
| Financial expenses (-) | (3.398.036) | (964.387) | (20.209.833) | (4.351.492) |
| Monetary Gain / (Loss) | (395.668.638) | (173.952.330) | (663.020.265) | 2.307.850 |
| Profit From Continuing Operations Before Tax |
965.745.072 | 111.298.989 | 3.908.049.480 | 827.445.968 |
| Tax Income / (Expense) - Period Tax Expense - Deferred Tax Income / (Expense) |
(338.950.415) (305.891.892) (33.058.523) |
(100.735.983) (100.005.760) (730.223) |
||
| Net Profit for the Year | 626.794.657 | 10.563.006 | 3.908.049.480 | 827.445.968 |
| OTHER COMPREHENSIVE (LOSS)/INCOME Other comprehensive income not to be reclassified to profit or loss - Revaluation and measurement of gains/(losses) - Deferred Tax Income / (Expense) |
296.401 (88.920) |
366.526 (109.958) |
(591.916) |
(255.149) |
| Total Other Comprehensive (Loss)/Income | 207.481 | 256.568 | (591.916) | (255.149) |
| Total Comprehensive Income | 627.002.138 | 10.819.574 | 3.907.457.564 | 827.190.819 |
| Earnings per share (in full TRY) | 0,182 | 0,003 | 1,325 | 0,28 |
| Other comprehensive income |
Retained Earnings | |||||||
|---|---|---|---|---|---|---|---|---|
| Paid in Capital |
Adjustment to share capital |
Share premium | Remeasurement of employee benefits |
Restricted Reserves |
Retained Earnings |
Net Profit for the year |
Total Equity | |
| Balances as of 1 January 2024 | 2.950.000.000 | 14.350.430.856 | 41.701.087 | (3.002.720) | 263.760.172 | (455.113.169) | 2.418.635.160 | 19.566.411.386 |
| Capital increase (free of charge) Transfers Total comprehensive income |
500.000.000 |
166.470.057 |
(591.916) |
36.411.324 |
(666.470.057) 2.382.223.836 |
(2.418.635.160) 3.908.049.480 |
3.907.457.564 |
|
| Balances as of 30 September 2024 | 3.450.000.000 | 14.516.900.913 | 41.701.087 | (3.594.636) | 300.171.496 | 1.260.640.610 | 3.908.049.480 | 23.473.868.950 |
| Balances as of 1 January 2025 | 3.450.000.000 | 14.516.900.913 | 41.701.087 | (3.407.005) | 300.171.496 | 669.249.355 | 3.809.549.629 | 22.784.165.475 |
| Transfers Total comprehensive income |
207.481 |
3.809.549.629 |
(3.809.549.629) 626.794.657 |
627.002.138 |
||||
| Balances as of 30 September 2025 |
3.450.000.000 | 14.516.900.913 | 41.701.087 | (3.199.524) | 300.171.496 | 4.478.798.984 | 626.794.657 | 23.411.167.613 |
| Not Reviewed | Not Reviewed | |
|---|---|---|
| 1 January – | 1 January – | |
| 30 September 2025 | 30 September 2024 | |
| A. Cash flows from operating activities: | 875.203.994 | 301.470.954 |
| Profit for the year | 626.794.657 | 3.908.049.480 |
| Adjustments to reconcile net profit | (200.861.914) | (4.220.247.107) |
| Depreciation and amortization expenses | 3.483.742 | 5.008.562 |
| Adjustments related to provisions for employee benefits | 3.059.396 | 2.920.013 |
| Adjustments related to impairment on Loss (Reversal of Impairment | (219.670.514) | (435.965.955) |
| Loss) of Inventories | ||
| Adjustments to provision for expected credit loss | 1.504.194 | 2.991.234 |
| Adjustment related to interest income and expenses | (648.564.624) | (378.705.957) |
| Adjustment related to the fair value gain | ||
| Adjustments related to fair value gain on investment properties | 18.363.314 | (3.672.241.512) |
| Adjustments Related to Tax (Income) Expense | 338.950.415 | |
| Monetary Gain/Loss | 302.012.163 | 255.746.508 |
| Changes in net working capital | 449.615.853 | 615.827.384 |
| Adjustments related to increase/(decrease) in receivables | 118.624.598 | (1.263.401.463) |
| Adjustments related to (increase)/ decrease in inventories | (147.815.799) | 6.028.157.598 |
| Adjustments related to increase in prepaid expenses | 57.265.790 | 84.073.757 |
| Adjustments related to increase/decrease in trade payables | (2.817.809) | (788.440.507) |
| Adjustments related to increase in other payables from operating | 6.194.159 | (14.512.648) |
| activities | ||
| Adjustments related to deferred income | 293.744.987 | (4.085.570.695) |
| Adjustments related to increase/(decrease) in other working capital | 124.419.927 | 655.521.342 |
| Cash (used in)/provided from operations | 875.548.596 | 303.629.757 |
| Employment termination benefits paid | (344.602) | (2.158.803) |
| B. Cash Flows from Investing Activities | (77.936.772) | (87.819.754) |
| Cash inflows from sales of tangible and intangible assets | 48.042 | 1.983 |
| Cash outflow from acquisition of property, plant and equipment's | ||
| and intangible assets | ||
| Cash outflow from acquisition of property, plant and equipment's | (445.516) | (2.595.520) |
| Cash outflow from acquisition of intangible assets | (307.198) | (297.218) |
| Cash inflow arising from sales of investment property | (77.232.100) | (84.928.999) |
| C. Cash flows from financing activities | 638.917.736 | 220.586.009 |
| Cash outflow from borrowings | (11.248.232) | (100.731.545) |
| Interest received | 651.226.176 | 338.007.714 |
| Interest paid | (1.060.208) | (16.690.160) |
| Change in cash and cash equivalents (A+B+C) | 1.436.184.958 | 434.237.209 |
| Inflation effect on cash and cash equivalents | (419.997.268) | (348.776.208) |
| Cash and cash equivalents at the beginning of the period | 1.696.242.344 | 1.606.941.723 |
| Cash and cash equivalents at the end of the period (A+B+C+D) | 2.712.430.034 | 1.692.402.724 |
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