{"id":5388,"date":"2026-09-06T12:14:00","date_gmt":"2026-09-06T09:14:00","guid":{"rendered":"https:\/\/topraktaumutvar.com.tr\/index.php\/2026\/09\/06\/ciftci-kurulusunun-altin-madeni-6-ayda-67-milyar-tl-kar-etti-peki-bu-gelir-ciftciye-nasil-yansiyor\/"},"modified":"2026-09-06T12:14:00","modified_gmt":"2026-09-06T09:14:00","slug":"ciftci-kurulusunun-altin-madeni-6-ayda-67-milyar-tl-kar-etti-peki-bu-gelir-ciftciye-nasil-yansiyor","status":"publish","type":"post","link":"https:\/\/topraktaumutvar.com.tr\/index.php\/2026\/09\/06\/ciftci-kurulusunun-altin-madeni-6-ayda-67-milyar-tl-kar-etti-peki-bu-gelir-ciftciye-nasil-yansiyor\/","title":{"rendered":"\u00c7ift\u00e7i kurulu\u015funun alt\u0131n madeni 6 ayda 6,7 milyar TL kar etti: Peki bu gelir \u00e7ift\u00e7iye nas\u0131l yans\u0131yor?"},"content":{"rendered":"

Haber Merkezi \/<\/strong> Tar\u0131m Kredi Kooperatifleri sisteminin en \u00f6nemli varl\u0131klar\u0131ndan biri olan G\u00fcbreta\u015f\u2019\u0131n y\u00fczde 100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 G\u00fcbreta\u015f Maden Yat\u0131r\u0131mlar\u0131 A.\u015e.\u2019nin 2026 y\u0131l\u0131 ilk yar\u0131s\u0131na ili\u015fkin konsolide finansal tablolar\u0131 yay\u0131mland\u0131.<\/p>\n

\u015eirketin bilan\u00e7osu, S\u00f6\u011f\u00fct Alt\u0131n Madeni\u2019nin art\u0131k G\u00fcbreta\u015f a\u00e7\u0131s\u0131ndan yaln\u0131zca stratejik de\u011fil, ayn\u0131 zamanda \u00e7ok y\u00fcksek karl\u0131l\u0131k \u00fcreten bir varl\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc ortaya koyuyor.<\/p>\n

G\u00fcbreta\u015f Maden, 2020 y\u0131l\u0131nda S\u00f6\u011f\u00fct Alt\u0131n Madeni Projesi\u2019ni i\u015fletmek amac\u0131yla kuruldu. S\u00f6\u011f\u00fct sahas\u0131n\u0131n ruhsat\u0131 2021 y\u0131l\u0131nda \u015firkete devredildi. \u015eirket ayr\u0131ca \u00e7evredeki arama ve geli\u015ftirme sahas\u0131n\u0131 geni\u015fletmek amac\u0131yla Kavak Madencilik\u2019in tamam\u0131n\u0131 sat\u0131n ald\u0131.<\/p>\n

6 ayda 9,8 milyar TL\u2019lik alt\u0131n sat\u0131\u015f\u0131<\/h3>\n

G\u00fcbreta\u015f Maden\u2019in 2026 y\u0131l\u0131n\u0131n ilk 6 ay\u0131ndaki has\u0131lat\u0131 9 milyar 841 milyon TL oldu.<\/p>\n

2025\u2019in ayn\u0131 d\u00f6neminde \u015firketin sat\u0131\u015f geliri 4 milyar 979 milyon TL seviyesindeydi.<\/p>\n

Buna g\u00f6re sat\u0131\u015f gelirleri yakla\u015f\u0131k iki kat\u0131na \u00e7\u0131kt\u0131.<\/p>\n

Finansal tablo dipnotlar\u0131nda daha da dikkat \u00e7ekici bir ayr\u0131nt\u0131 yer ald\u0131: \u015eirketin sat\u0131\u015flar\u0131n\u0131n tamam\u0131 alt\u0131n sat\u0131\u015f\u0131ndan olu\u015ftu ve bu sat\u0131\u015flar\u0131n tamam\u0131 T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019na ger\u00e7ekle\u015ftirildi.<\/p>\n

Ancak TL baz\u0131ndaki bu art\u0131\u015f\u0131n do\u011frudan \u00fcretim miktar\u0131ndaki ayn\u0131 oranda art\u0131\u015f anlam\u0131na gelmedi\u011finin alt\u0131n\u0131 \u00e7izmek gerekiyor. Alt\u0131n fiyat\u0131, d\u00f6viz kuru ve \u00fcretim miktar\u0131 birlikte sat\u0131\u015f gelirini etkiliyor. Raporda ka\u00e7 kilogram veya ons alt\u0131n sat\u0131ld\u0131\u011f\u0131 ayr\u0131ca a\u00e7\u0131klanm\u0131yor.<\/p>\n

Net kar 6,7 milyar TL\u2019ye \u00e7\u0131kt\u0131<\/h3>\n

\u015eirketin ilk 6 ayl\u0131k karl\u0131l\u0131k rakamlar\u0131 da dikkat \u00e7ekici.<\/p>\n

G\u00fcbreta\u015f Maden\u2019in:<\/p>\n

    \n
  • Br\u00fct kar\u0131 7,1 milyar TL,<\/li>\n
  • esas faaliyet kar\u0131 6,75 milyar TL,<\/li>\n
  • vergi \u00f6ncesi kar\u0131 8,25 milyar TL,<\/li>\n
  • net d\u00f6nem kar\u0131 ise 6,74 milyar TL olarak ger\u00e7ekle\u015fti.<\/li>\n<\/ul>\n

    Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde net kar yakla\u015f\u0131k 3,68 milyar TL seviyesindeydi. Buna g\u00f6re net kar yakla\u015f\u0131k y\u00fczde 83 artt\u0131. \u015eirketin net kar marj\u0131 ise yakla\u015f\u0131k y\u00fczde 68,5 seviyesine ula\u015ft\u0131.<\/p>\n

    \u015eirket yaln\u0131z alt\u0131ndan de\u011fil, paras\u0131ndan da para kazan\u0131yor<\/h3>\n

    Bilan\u00e7oda dikkat \u00e7eken bir ba\u015fka geli\u015fme finansman gelirlerinde ortaya \u00e7\u0131kt\u0131.<\/p>\n

    \u015eirket 2026\u2019n\u0131n ilk yar\u0131s\u0131nda yakla\u015f\u0131k 1 milyar 949 milyon TL finansman geliri elde etti.<\/p>\n

    Bunun yakla\u015f\u0131k 1 milyar 947 milyon TL\u2019si faiz gelirlerinden olu\u015ftu.<\/p>\n

    Ayn\u0131 d\u00f6nemde finansman gideri ise 795 milyon TL seviyesinde kald\u0131.<\/p>\n

    Buna g\u00f6re \u015firket alt\u0131n \u00fcretiminin yan\u0131 s\u0131ra elindeki y\u00fcksek nakit varl\u0131\u011f\u0131n\u0131 de\u011ferlendirerek de \u00f6nemli gelir elde etti.<\/p>\n

    Kasadaki para 12,6 milyar TL\u2019ye ula\u015ft\u0131<\/h3>\n

    G\u00fcbreta\u015f Maden\u2019in 30 Haziran 2026 itibar\u0131yla nakit ve nakit benzerleri: 12 milyar 571 milyon TL <\/strong>seviyesine \u00e7\u0131kt\u0131.<\/p>\n

    2025 sonunda bu rakam yakla\u015f\u0131k 9,22 milyar TL idi.<\/p>\n

    \u015eirketin toplam varl\u0131klar\u0131 ise 27,44 milyar TL\u2019ye ula\u015ft\u0131.<\/p>\n

    B\u00f6ylece \u015firketin toplam varl\u0131klar\u0131n\u0131n yakla\u015f\u0131k y\u00fczde 46\u2019s\u0131 nakit ve nakit benzerlerinden olu\u015fuyor.<\/p>\n

    12,6 milyar TL nakde kar\u015f\u0131 6,7 milyar TL banka kredisi<\/h3>\n

    \u015eirketin y\u00fcksek nakit pozisyonuna kar\u015f\u0131l\u0131k bankalara olan bor\u00e7lar\u0131n\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc de dikkat \u00e7ekiyor.<\/p>\n

    30 Haziran 2026 itibar\u0131yla k\u0131sa vadeli banka kredileri yakla\u015f\u0131k 6,71 milyar TL d\u00fczeyinde bulunuyor.<\/p>\n

    Kredilerin b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc bir y\u0131l i\u00e7erisinde \u00f6denecek.<\/p>\n

    Raporda dolar kredileri i\u00e7in yakla\u015f\u0131k y\u00fczde 7,68, TL kredileri i\u00e7in ise y\u00fczde 45 seviyesinde faiz oranlar\u0131 yer al\u0131yor.<\/p>\n

    Ancak 12,57 milyar TL nakit dikkate al\u0131nd\u0131\u011f\u0131nda \u015firket yakla\u015f\u0131k 5,86 milyar TL net nakit pozisyonunda bulunuyor.<\/p>\n

    Bu tablo, \u015firketin y\u00fcksek bor\u00e7luluk bask\u0131s\u0131ndan \u00e7ok, g\u00fc\u00e7l\u00fc bir likidite yap\u0131s\u0131na sahip oldu\u011funu g\u00f6steriyor.<\/p>\n

    G\u00fcbreta\u015f\u2019a 2 milyar TL temett\u00fc<\/h3>\n

    Bilan\u00e7o, \u00e7ift\u00e7i kurulu\u015fu a\u00e7\u0131s\u0131ndan as\u0131l dikkat \u00e7ekici noktay\u0131 kar da\u011f\u0131t\u0131m\u0131nda ortaya koyuyor.<\/p>\n

    G\u00fcbreta\u015f Maden\u2019in sermayesinin tamam\u0131 G\u00fcbre Fabrikalar\u0131 T.A.\u015e.\u2019ye ait.<\/p>\n

    \u015eirketin 2025 y\u0131l\u0131na ili\u015fkin yakla\u015f\u0131k 8 milyar 789 milyon TL da\u011f\u0131t\u0131labilir kar\u0131 bulunurken, bunun 2 milyar TL\u2019sinin G\u00fcbreta\u015f\u2019a temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131na karar verildi. Bu oran yakla\u015f\u0131k y\u00fczde 22,8\u2019e kar\u015f\u0131l\u0131k geliyor.<\/p>\n

    Bir \u00f6nceki y\u0131l ise yakla\u015f\u0131k 3,64 milyar TL da\u011f\u0131t\u0131labilir kar\u0131n 2,5 milyar TL\u2019si G\u00fcbreta\u015f\u2019a aktar\u0131lm\u0131\u015ft\u0131. B\u00f6ylece da\u011f\u0131t\u0131labilir kar ciddi bi\u00e7imde artmas\u0131na ra\u011fmen ana \u015firkete aktar\u0131lan temett\u00fc 500 milyon TL azald\u0131.<\/p>\n

    Kar neden \u015firkette tutuluyor?<\/h3>\n

    Bu durum tek ba\u015f\u0131na olumsuzluk g\u00f6stergesi de\u011fil. \u00c7\u00fcnk\u00fc bilan\u00e7o, G\u00fcbreta\u015f Maden\u2019in ayn\u0131 zamanda y\u00fcksek tutarl\u0131 yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131 da g\u00f6steriyor.<\/p>\n

    Maddi duran varl\u0131klar\u0131n de\u011feri yakla\u015f\u0131k 6 milyar TL\u2019den 7,9 milyar TL\u2019ye, maden varl\u0131klar\u0131 ise 2,42 milyar TL\u2019den 2,87 milyar TL\u2019ye y\u00fckseldi.<\/p>\n

    Nakit ak\u0131\u015f tablosunda \u015firketin ilk alt\u0131 ayda yakla\u015f\u0131k 1,64 milyar TL maddi duran varl\u0131k yat\u0131r\u0131m\u0131 ve ayr\u0131ca yakla\u015f\u0131k 153 milyon TL maden geli\u015ftirme ve arama yat\u0131r\u0131m\u0131 yapt\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n

    Bu nedenle kar\u0131n \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fcn yeni yat\u0131r\u0131mlar ve saha geli\u015ftirme faaliyetleri i\u00e7in \u015firkette tutuldu\u011fu de\u011ferlendirilebilir.<\/p>\n

    G\u00fcbreta\u015f madenden yaln\u0131z temett\u00fc alm\u0131yor<\/h3>\n

    Ana \u015firket a\u00e7\u0131s\u0131ndan \u00f6nemli bir ba\u015fka gelir kalemi daha bulunuyor. S\u00f6\u011f\u00fct maden ruhsat\u0131n\u0131n devriyle ilgili s\u00f6zle\u015fme kapsam\u0131nda sat\u0131\u015f tutar\u0131 \u00fczerinden y\u00fczde 3 r\u00f6dovans hesaplan\u0131yor.<\/p>\n

    2026\u2019n\u0131n ilk yar\u0131s\u0131nda bu kalemin tutar\u0131 yakla\u015f\u0131k 295 milyon TL <\/strong>oldu.<\/p>\n

    B\u00f6ylece G\u00fcbreta\u015f a\u00e7\u0131s\u0131ndan S\u00f6\u011f\u00fct Alt\u0131n Madeni\u2019nin ekonomik katk\u0131s\u0131 yaln\u0131zca 2 milyar TL\u2019lik temett\u00fcyle s\u0131n\u0131rl\u0131 de\u011fil.<\/p>\n

    Ancak 295 milyon TL\u2019lik tutar\u0131n tamam\u0131n\u0131n nakden \u00f6dendi\u011fi de\u011fil, finansal tablolarda gider ve kar\u015f\u0131l\u0131k olarak muhasebele\u015ftirildi\u011fi dikkate al\u0131nmal\u0131.<\/p>\n

    Devlet hakk\u0131 1,62 milyar TL<\/h3>\n

    Madenin maliyet yap\u0131s\u0131nda devlet hakk\u0131 da \u00e7ok y\u00fcksek bir paya sahip.<\/p>\n

    2026\u2019n\u0131n ilk yar\u0131s\u0131nda devlet hakk\u0131 gideri yakla\u015f\u0131k 1 milyar 624 milyon TL, r\u00f6dovans gideri ise yakla\u015f\u0131k 295 milyon TL olarak kaydedildi.<\/p>\n

    Bu iki kalemin toplam\u0131 yakla\u015f\u0131k 1,92 milyar TL\u2019ye ula\u015ft\u0131.<\/p>\n

    Sat\u0131\u015flar\u0131n toplam maliyeti ise 2,73 milyar TL seviyesinde ger\u00e7ekle\u015fti.<\/p>\n

    B\u00f6ylece devlet hakk\u0131 ve r\u00f6dovans giderleri sat\u0131\u015f maliyetinin \u00f6nemli b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturdu.<\/p>\n

    6,75 milyar TL\u2019lik te\u015fvikli yat\u0131r\u0131m<\/h3>\n

    \u015eirketin kamu te\u015fviklerinden yararlanmas\u0131 da bilan\u00e7o dipnotlar\u0131nda dikkat \u00e7eken bir ba\u015fka unsur.<\/p>\n

    28 Aral\u0131k 2021 tarihli yat\u0131r\u0131m te\u015fvik belgesi kapsam\u0131nda \u015firkete SGK i\u015fveren hissesi deste\u011fi, faiz deste\u011fi, KDV istisnas\u0131, g\u00fcmr\u00fck vergisi muafiyeti ve indirimli kurumlar vergisi imkanlar\u0131 sa\u011fland\u0131.<\/p>\n

    Rapora g\u00f6re 30 Haziran 2026 itibar\u0131yla bu te\u015fvik belgesi kapsam\u0131nda ger\u00e7ekle\u015ftirilen yat\u0131r\u0131m tutar\u0131 yakla\u015f\u0131k 6,75 milyar TL<\/strong>\u2019ye ula\u015ft\u0131.<\/p>\n

    \u015eirket yaln\u0131zca 2026\u2019n\u0131n ilk yar\u0131s\u0131nda yakla\u015f\u0131k 494 milyon TL vergi avantaj\u0131 <\/strong>sa\u011flad\u0131.<\/p>\n

    \u00c7ift\u00e7i a\u00e7\u0131s\u0131ndan as\u0131l soru<\/h3>\n

    G\u00fcbreta\u015f Maden\u2019in bilan\u00e7osu \u015firketin mali a\u00e7\u0131dan g\u00fc\u00e7l\u00fc, y\u00fcksek karl\u0131 ve nakit \u00fcreten bir yap\u0131ya ula\u015ft\u0131\u011f\u0131n\u0131 ortaya koyuyor.<\/p>\n

    Ancak bu \u015firketin herhangi bir \u00f6zel yat\u0131r\u0131mc\u0131ya de\u011fil, G\u00fcbreta\u015f \u00fczerinden \u00e7ift\u00e7i kurulu\u015fu sistemine ba\u011fl\u0131 olmas\u0131, bilan\u00e7o rakamlar\u0131n\u0131 farkl\u0131 bir noktaya ta\u015f\u0131yor.<\/p>\n

    S\u00f6\u011f\u00fct Alt\u0131n Madeni 6 ayda 9,8 milyar TL sat\u0131\u015f yaparken 6,7 milyar TL net kar \u00fcretmi\u015f durumda.<\/p>\n

    <\/div>\n
    <\/div>\n

    Kasada 12,6 milyar TL nakit bulunuyor.<\/p>\n

    Buna kar\u015f\u0131l\u0131k 2025 kar\u0131ndan G\u00fcbreta\u015f\u2019a aktar\u0131lan temett\u00fc 2 milyar TL\u2019de kald\u0131.<\/p>\n

    Bu nedenle bilan\u00e7o yaln\u0131z \u201cmaden ne kadar kazand\u0131?<\/strong>\u201d sorusunu de\u011fil, daha \u00f6nemli bir soruyu g\u00fcndeme getiriyor:<\/p>\n

    S\u00f6\u011f\u00fct Alt\u0131n Madeni\u2019nde olu\u015fan bu b\u00fcy\u00fck ekonomik de\u011fer G\u00fcbreta\u015f \u00fczerinden \u00e7ift\u00e7iye nas\u0131l yans\u0131yor?<\/strong><\/p>\n

    G\u00fcbreta\u015f Maden\u2019in \u00f6n\u00fcm\u00fczdeki d\u00f6nemde da\u011f\u0131taca\u011f\u0131 temett\u00fcler, ana \u015firkete aktaraca\u011f\u0131 kaynaklar ve bu gelirlerin G\u00fcbreta\u015f\u2019\u0131n g\u00fcbre fiyatlama, yat\u0131r\u0131m ve finansman politikalar\u0131na nas\u0131l yans\u0131yaca\u011f\u0131, \u00e7ift\u00e7i kurulu\u015fu a\u00e7\u0131s\u0131ndan yak\u0131ndan izlenmesi gereken ba\u015fl\u0131klar\u0131n ba\u015f\u0131nda geliyor.<\/p>\n

    \n <\/div>","protected":false},"excerpt":{"rendered":"

    Haber Merkezi \/ Tar\u0131m Kredi Kooperatifleri sisteminin en \u00f6nemli varl\u0131klar\u0131ndan biri olan G\u00fcbreta\u015f\u2019\u0131n y\u00fczde 100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 G\u00fcbreta\u015f Maden Yat\u0131r\u0131mlar\u0131 A.\u015e.\u2019nin 2026 y\u0131l\u0131 ilk yar\u0131s\u0131na ili\u015fkin konsolide finansal tablolar\u0131 yay\u0131mland\u0131. \u015eirketin bilan\u00e7osu, S\u00f6\u011f\u00fct Alt\u0131n Madeni\u2019nin art\u0131k G\u00fcbreta\u015f a\u00e7\u0131s\u0131ndan yaln\u0131zca stratejik de\u011fil, ayn\u0131 zamanda \u00e7ok y\u00fcksek karl\u0131l\u0131k \u00fcreten bir varl\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc ortaya koyuyor. G\u00fcbreta\u015f Maden, 2020 …<\/p>\n","protected":false},"author":1,"featured_media":5389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"class_list":["post-5388","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-tarim-haberleri"],"_links":{"self":[{"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/5388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=5388"}],"version-history":[{"count":0,"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/5388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/media\/5389"}],"wp:attachment":[{"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=5388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=5388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topraktaumutvar.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=5388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}