{"id":3274,"date":"2025-05-11T19:58:24","date_gmt":"2025-05-11T16:58:24","guid":{"rendered":"https:\/\/baytutumlu.com\/?p=3274"},"modified":"2025-05-29T21:32:27","modified_gmt":"2025-05-29T18:32:27","slug":"tupras-2025-1-ceyrek-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/baytutumlu.com\/index.php\/2025\/05\/11\/tupras-2025-1-ceyrek-bilanco-analizi\/","title":{"rendered":"T\u00fcpra\u015f 2025 1. \u00c7eyrek Bilan\u00e7o Analizi"},"content":{"rendered":"\n<p>Herkese selamlar. 2025 1. \u00c7eyrek bilan\u00e7o analizlerine biraz ge\u00e7 de kalm\u0131\u015f olsam T\u00fcpra\u015f ile devam ediyorum. Finansal tablolar 29 nisanda a\u00e7\u0131kland\u0131 fakat yo\u011funluktan dolay\u0131 ancak f\u0131rsat bulabildim. Bundan sonraki analizlerde yaz\u0131n\u0131n ba\u015f\u0131nda ufak bir bilgilendirme notu da payla\u015faca\u011f\u0131m.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ana Noktalar<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>B\u00fcy\u00fck bak\u0131m \u00e7al\u0131\u015fmalar\u0131n\u0131n tamamlanmas\u0131, beyaz \u00fcr\u00fcn verimlili\u011fini 2021&#8217;in 1. \u00e7eyre\u011findeki %75&#8217;ten 2025&#8217;in 1. \u00e7eyre\u011finde %85&#8217;e y\u00fckseltti.<\/li>\n\n\n\n<li>OPEC+ \u00fcretim art\u0131\u015flar\u0131 ve USD\/TRY kurundaki %7&#8217;lik de\u011fer kayb\u0131 (38,1&#8217;e y\u00fckseldi) piyasay\u0131 etkiledi.<\/li>\n\n\n\n<li>K\u00fcresel rafinaj \u00fcr\u00fcn\u00fc stoklar\u0131, \u00e7eyrek ba\u015f\u0131nda 5 y\u0131ll\u0131k ortalaman\u0131n \u00fczerindeyken, \u00e7eyrek sonunda ge\u00e7en y\u0131l\u0131n alt\u0131nda kalarak piyasan\u0131n OPEC+ \u00fcretim art\u0131\u015flar\u0131n\u0131 absorbe edebilece\u011fini g\u00f6sterdi.<\/li>\n\n\n\n<li>T\u00fcrkiye&#8217;de yak\u0131t talebi y\u0131ll\u0131k bazda %5 artt\u0131; b\u00fcy\u00fcmenin %18,5&#8217;i benzin, %7&#8217;si jet yak\u0131t\u0131ndan geldi.<\/li>\n\n\n\n<li>Orta distilat \u00fcr\u00fcn marjlar\u0131, y\u00fcksek stok seviyeleri nedeniyle y\u0131ll\u0131k bazda d\u00fc\u015ft\u00fc, ancak talep art\u0131\u015f\u0131 ile \u00e7eyrek bazda y\u00fckseldi.<\/li>\n\n\n\n<li>T\u00fcpra\u015f, 5,9 milyon ton \u00fcretim ve %83 kapasite kullan\u0131m\u0131 ile 6,4 milyon ton sat\u0131\u015f ger\u00e7ekle\u015ftirdi.<\/li>\n\n\n\n<li>Finansal olarak, net sat\u0131\u015flar ve k\u00e2rlar d\u00fc\u015ft\u00fc, ancak \u015firket temett\u00fc \u00f6demeleri sonras\u0131 net nakit pozisyonunu korudu.<\/li>\n<\/ul>\n\n\n\n<p><strong>Genel Bilgiler<\/strong><\/p>\n\n\n\n<p>T\u00fcpra\u015f, T\u00fcrkiye enerji sekt\u00f6r\u00fcnde stratejik \u00f6neme sahip \u00f6nde gelen bir oyuncudur. \u015eirket ve ba\u011fl\u0131 ortakl\u0131klar\u0131ndan olu\u015fan Grubun temel faaliyetleri, rafinaj sekt\u00f6r\u00fc, petrol \u00fcr\u00fcnleri ticaret ve ta\u015f\u0131mac\u0131l\u0131\u011f\u0131, elektrik \u00fcretimi ve tedari\u011fi alanlar\u0131nda toplanm\u0131\u015ft\u0131r. T\u00fcpra\u015f, hen\u00fcz yeterince fav\u00f6k katk\u0131s\u0131 alamasa da T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck hidrojen \u00fcreticisi konumundad\u0131r. Ayr\u0131ca, akaryak\u0131t da\u011f\u0131t\u0131m sekt\u00f6r\u00fcnde 1.885 istasyonu ve \u00f6nemli depolama kapasitesi ile OPET markas\u0131 alt\u0131nda g\u00fc\u00e7l\u00fc bir varl\u0131\u011fa sahiptir.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfAC3AJ0TBP8XhmWr_3XQtvk_P_ZcGN7sDKJVrqth2Q6At8JnyDhy31uDneNZBcwSNDT0NRuuZgDDRKmwHLKD800Q90GrLd1eH8IzYviLuQ3P1A2nky4i6wCoc8Bypa1XFmkZ5xcA?key=gCpyg3Q2xJpxIEt6Sh2EdQ\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>Sekt\u00f6rel Geli\u015fmeler<\/strong><\/p>\n\n\n\n<p>2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi, k\u00fcresel ekonomik zay\u0131fl\u0131\u011f\u0131n devam etmesine ra\u011fmen, T\u00fcrkiye&#8217;de benzin ve motorin talebinde art\u0131\u015f g\u00f6r\u00fclen bir d\u00f6nem olmu\u015ftur. Elektrik sekt\u00f6r\u00fcnde ise piyasa takas fiyat\u0131nda art\u0131\u015flar ya\u015fanm\u0131\u015ft\u0131r. T\u00fcpra\u015f&#8217;\u0131n 2025 y\u0131l\u0131 ilk \u00fc\u00e7 ayl\u0131k d\u00f6nemindeki ana fikri, normalle\u015fmeye devam eden ancak hala Covid \u00f6ncesi seviyelerin \u00fczerinde seyreden \u00fcr\u00fcn marjlar\u0131, operasyonel verimlilik art\u0131\u015flar\u0131 ve finansal y\u00f6netim uygulamalar\u0131yla desteklenen finansal sonu\u00e7lar oldu.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>D\u00fc\u015f\u00fck \u00fcr\u00fcn marjlar\u0131 ve daralan ham petrol fiyat farklar\u0131n\u0131n olumsuz etkisine ra\u011fmen, artan beyaz \u00fcr\u00fcn verimlili\u011fi(%84\u2019e ula\u015ft\u0131, ge\u00e7ti\u011fimiz y\u0131la g\u00f6re %9 art\u0131\u015f) ve d\u00fc\u015f\u00fck enerji giderleri vergi \u00f6ncesi kar\u0131 destekledi.<\/li>\n\n\n\n<li>D\u00f6nem sonuna do\u011fru TL&#8217;deki sert de\u011fer kayb\u0131 kur zarar\u0131na yol a\u00e7sa da, stok kazan\u00e7lar\u0131 ve net faiz gelirleri bu etkiyi kompanse etti.<\/li>\n\n\n\n<li>\u015eirket, 2025 y\u0131l\u0131 ba\u015f\u0131nda Romanya&#8217;da g\u00fcne\u015f enerji santrali \u015firketlerinin %100 hisselerini sat\u0131n alarak s\u0131f\u0131r karbonlu elektrik i\u015f alan\u0131ndaki stratejik d\u00f6n\u00fc\u015f\u00fcm ad\u0131mlar\u0131na devam etti.<\/li>\n<\/ul>\n\n\n\n<p><strong>Gelir Tablosu<\/strong><\/p>\n\n\n\n<p>\u0130lk \u00e7eyrekte gelirler, d\u00fc\u015f\u00fck \u00fcr\u00fcn fiyatlar\u0131 ve bak\u0131m faaliyetleri nedeniyle %31 azalarak 158.6 milyar TL&#8217;ye d\u00fc\u015ft\u00fc. Sat\u0131\u015flar\u0131n maliyeti 145.4 milyar TL&#8217;ye geriledi, br\u00fct k\u00e2r 13.1 milyar TL&#8217;ye inerek \u00f6nceki y\u0131l\u0131n 18.2 milyar TL&#8217;sine k\u0131yasla %28&#8217;lik bir d\u00fc\u015f\u00fc\u015f g\u00f6sterdi.&nbsp; Bu rakamlar\u0131n enflasyon muhasebesine tabi rakamlar oldu\u011funu hat\u0131rlatmak istiyorum.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdy_ojdPWorJt1PghVLpt--K_JAAz5ikpcyUum2wPvM5mcQ-G2M_8IKcByFTMKmrkv1Up2b8WX9H5Ht4TZEKmHaPfiXSxTMO0Z9eXXvlccHW-KcG2dWcNgoSVJa_FEis-HMAmjVKQ?key=gCpyg3Q2xJpxIEt6Sh2EdQ\" alt=\"\"\/><\/figure>\n\n\n\n<p>Bu \u00e7eyrekte 5.9 milyon ton \u00fcretim yap\u0131l\u0131rken 6.4 milyon ton \u00fcr\u00fcn sat\u0131ld\u0131. Kapasite kullan\u0131m oran\u0131 %83 oldu. Yurt i\u00e7i sat\u0131\u015flarda dizel (motorin) \u00fcr\u00fcn\u00fc ana pay\u0131 olu\u015fturmay\u0131 s\u00fcrd\u00fcr\u00fcrken, havac\u0131l\u0131k sekt\u00f6r\u00fc toparlanmas\u0131n\u0131n etkisiyle jet yak\u0131t\u0131 talebi g\u00fc\u00e7l\u00fc seyrini korudu. Benzin talebi de pandemi sonras\u0131 normalle\u015fme trendiyle birlikte istikrarl\u0131 olmaya devam ediyor. T\u00fcpra\u015f y\u00f6netimi, \u00fcretimden sat\u0131\u015flar\u0131n y\u0131ll\u0131k bazda paralel seyretti\u011fini vurgulayarak i\u00e7 talepte ciddi bir daralma ya\u015fanmad\u0131\u011f\u0131n\u0131 belirtti.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXc0TBmZ4OTQdugZVUOrGWgzHmQrVkW81sjH_UNkwKgF2nribKHb02LK0F8hD_HGJtf0gd3SkowOCI9cR0mRIUFW9hQdi35Dfx6XfdSDXqhh3VuXK0WasuDPyOXz_ktintA_wovCow?key=gCpyg3Q2xJpxIEt6Sh2EdQ\" alt=\"\"\/><\/figure>\n\n\n\n<p>Enerji \u00fcretimi taraf\u0131nda ise ge\u00e7ti\u011fimiz y\u0131la g\u00f6re \u00fcretilen s\u0131f\u0131r karbonlu elektrik zay\u0131f hidroelektrik performans\u0131 nedeniyle ciddi d\u00fc\u015f\u00fc\u015f g\u00f6sterdi.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcXd0KQXDUOvocVVbczncmuZp0fehV3tWBYFi0RdT29pIzNH1i1QmBAvyDA1N3TIWKIv3SdiUf3QecRiCQ18a7H2Bvnnub8zi_bkmztFRy9HMazgXXMRRVeZ6OCQt-CbaheuEfTQg?key=gCpyg3Q2xJpxIEt6Sh2EdQ\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u015eirketin telekonferans notlar\u0131nda payla\u015ft\u0131\u011f\u0131 Vergi \u00d6ncesi Kar (V\u00d6K) K\u00f6pr\u00fcs\u00fc analizi, 2024&#8217;\u00fcn ilk \u00e7eyre\u011fine k\u0131yasla 2025&#8217;in ilk \u00e7eyre\u011findeki V\u00d6K de\u011fi\u015fimini detayland\u0131rmakta. D\u00fc\u015f\u00fck \u00fcr\u00fcn marjlar\u0131 (-5.9 milyar TL) ve ham petrol fiyat farklar\u0131 (-2.7 milyar TL) negatif etki yarat\u0131rken, enerji maliyetlerindeki d\u00fc\u015f\u00fc\u015f (1.6 milyar TL), beyaz \u00fcr\u00fcn verimlili\u011findeki art\u0131\u015f (2.8 milyar TL), kur fark\u0131 ve net faiz geliri (5.7 milyar TL) ile parasal kay\u0131ptaki iyile\u015fme (146 milyon TL) bu bask\u0131y\u0131 dengelemi\u015f ve kar\u0131 art\u0131rm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p><strong>Nakit Ak\u0131\u015flar\u0131<\/strong><\/p>\n\n\n\n<p>Bu \u00e7eyrekte ge\u00e7ti\u011fimiz y\u0131lla benzer \u015fekilde i\u015fletme faaliyetlerinden nakit ak\u0131\u015f\u0131 negatif olmu\u015f. \u015eirket ay sonundaki Ramazan Bayram\u0131 tatilinin ticari alacaklarda gecikmeye yol a\u00e7t\u0131\u011f\u0131n\u0131 belirtmi\u015f. Ayr\u0131ca tedarik de\u011fi\u015fikliklerinin i\u015fletme sermayesi ihtiyac\u0131n\u0131n daha da artmas\u0131na neden oldu\u011fu belirtiliyor.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdGVsaGnSvllbOHfkfHTdqF0EENeC-RTszDOV8oAhzHXKfavnnovLzIr2BWkbWubo5skLuiQg3XCR0c1l4FKMx_pI82jj8BRBWCMWEffT-OhhGPsxF6nodiPK7ioQSmipshDu1xLw?key=gCpyg3Q2xJpxIEt6Sh2EdQ\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u015eirket, ara d\u00f6nemde modernizasyon ve enerji verimlili\u011fi konular\u0131nda projelerini s\u00fcrd\u00fcrerek toplam 83 milyon dolar yat\u0131r\u0131m harcamas\u0131 ger\u00e7ekle\u015ftirmi\u015f. Y\u0131l toplam\u0131nda ise 600 milyon dolar yat\u0131r\u0131m yap\u0131lmas\u0131 planlan\u0131yor.<\/p>\n\n\n\n<p><strong>Sonu\u00e7 ve Beklentiler<\/strong><\/p>\n\n\n\n<p>T\u00fcpra\u015f, 2025 y\u0131l\u0131na ili\u015fkin daha \u00f6nce a\u00e7\u0131klad\u0131\u011f\u0131 beklentilerinde bir de\u011fi\u015fiklik olmad\u0131\u011f\u0131n\u0131 belirtti.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net rafineri marj\u0131 beklentisi: 5-6 ABD dolar\u0131\/varil<\/li>\n\n\n\n<li>Kapasite kullan\u0131m\u0131 beklentisi: Yakla\u015f\u0131k %90-95<\/li>\n\n\n\n<li>Toplam \u00fcretim beklentisi: Yakla\u015f\u0131k 26 milyon ton<\/li>\n\n\n\n<li>Toplam sat\u0131\u015f hacmi beklentisi: Yakla\u015f\u0131k 30 milyon ton<\/li>\n\n\n\n<li>Toplam yat\u0131r\u0131m beklentisi: Yakla\u015f\u0131k 600 milyon ABD dolar\u0131<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdaqWQBDtIvkU3E3wsWONI3kKZ1ZP4DMUhrrC2VXLN9Iklu3d5QvdoubaWJRbo87NJulY0HhGQZvCfLUhxNbaWi-pZXGc25zpM2D9g2qrrjZ5hf8Sv1LdPbNAsqsFZA299FgGFj7Q?key=gCpyg3Q2xJpxIEt6Sh2EdQ\" alt=\"\"\/><\/figure>\n\n\n\n<p>Sonu\u00e7 olarak T\u00fcpra\u015f, 2025&#8217;in ilk \u00e7eyre\u011finde d\u00fc\u015f\u00fck \u00fcr\u00fcn fiyatlar\u0131 ve piyasa ko\u015fullar\u0131 nedeniyle gelir ve k\u00e2rl\u0131l\u0131kta d\u00fc\u015f\u00fc\u015f ya\u015fasa da, operasyonel verimlilik ve maliyet y\u00f6netimi sayesinde dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korumay\u0131 ba\u015fard\u0131.<\/p>\n\n\n\n<p>Okudu\u011funuz i\u00e7in te\u015fekk\u00fcr ederim.<\/p>\n\n\n\n<p>Bay Tutumlu<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Herkese selamlar. 2025 1. \u00c7eyrek bilan\u00e7o analizlerine biraz ge\u00e7 de kalm\u0131\u015f olsam T\u00fcpra\u015f ile devam ediyorum. Finansal tablolar 29 nisanda a\u00e7\u0131kland\u0131 fakat yo\u011funluktan dolay\u0131 ancak&#8230;<\/p>\n","protected":false},"author":2,"featured_media":3275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44,5,4],"tags":[45,22,26],"class_list":["post-3274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco","category-borsa","category-hisse-senedi","tag-bilanco","tag-borsa","tag-hisse-senedi","entry","double"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2025\/05\/koc-holdingin-gozbebegi-tupras-harekete-gecti-aylar-sonra-bir-ilk-f4drjpg.webp?fit=1280%2C720&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3274"}],"version-history":[{"count":1,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3274\/revisions"}],"predecessor-version":[{"id":3276,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3274\/revisions\/3276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3275"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}