Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS

Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS maintains a strong liquidity position, with a current ratio of 4.26, indicating the company can cover its short-term liabilities more than four times over. The company's liquidity is further supported by cash and equivalents of 38,364,250 TRY, although it is offset by a negative net cash position after subtracting total debt. The debt-to-equity ratio of 0.03 suggests a conservative capital structure with minimal reliance on debt financing.

The company's profitability is robust, with a return on equity (ROE) of 19.77% and a return on assets (ROA) of 10.43%, both significantly above the industry median for construction and engineering firms. Operating income of 102,436,030 TRY and net income of 240,322,200 TRY reflect strong operational performance and effective cost management.

Geographically, the company's revenue is concentrated in Turkey, with no disclosed international operations. The company operates in a single business segment, focusing on real estate development and commercial services. This concentration may expose the company to local economic and regulatory risks, but it also allows for focused operational control and market expertise.

The company's growth trajectory is positive, with a strong net income and free cash flow of 245,250,120 TRY. However, capital expenditures are minimal at -821,930 TRY, suggesting limited reinvestment in new projects or infrastructure. The company's revenue of 105,846,000 TRY indicates a stable but not rapidly growing business.

Risk factors include a medium liquidity risk due to the negative net cash position and a low dilution risk, as the company has not issued additional shares recently. The company's risk assessment also highlights the need to monitor its operating cash flow, which is negative at -41,147,210 TRY, potentially signaling short-term cash flow challenges.

Recent events and filings do not indicate any major operational or financial disruptions. The company's financial statements show consistent performance and no significant changes in its business model or strategic direction. The absence of recent dilutive events and the low dilution risk suggest the company is maintaining its equity structure.

Revenue surged 173.4% year-over-year to 1.72 billion TRY, demonstrating significant top-line growth momentum.

Net income improved by 206.4% to 654.8 million TRY, marking a strong return to profitability.

Debt-to-equity ratio of 0.03 is significantly lower than the 0.29 cohort median, indicating low leverage.

Free cash flow turned positive with a 211.7% increase, reaching 673.9 million TRY.

Gross profit deteriorated to a negative 528.9 million TRY, indicating fundamental margin compression issues.

Cash conversion ratio of -0.17 is below the 0.66 cohort median, reflecting poor cash generation efficiency.

Liquidity risk is assessed as medium, suggesting potential challenges in meeting short-term obligations.

Net margin of 2.27% remains thin despite revenue growth, leaving little buffer for cost increases.

Revenue TRY 953.1M; Operating income TRY 47.8M.

• ▍Revenue TRY 953.1M
• ▍Operating income TRY 47.8M
• ▍Net margin 11.3%