SASA’s 2026 H1 Turnaround: From Net Loss to 491.99M TL Profit

SASA flipped from a net loss to a 491.99 million TL profit in the first half of 2026, delivering a striking turnaround in Turkey’s polyester sector.

Operational Surge: Sales and Profitability Explosion

The company recorded a 31% sales jump to 38.88 billion TL, outpacing revenue growth with a 128% rise in gross profit to 5.93 billion TL and a 159% increase in EBITDA to 8.89 billion TL. These figures highlight not only volume expansion but also a substantial improvement in operating margins.

Balance‑Sheet Dynamics: Debt Reduction and Equity Strengthening

Net debt fell from 147.64 billion TL to 136.16 billion TL, a 8% decline, while equity rose 5% to 192.68 billion TL. Fixed assets grew modestly by 1%, whereas current assets shrank 7%, reflecting an overall upgrade in balance‑sheet quality.

Market Valuation: Pricing and Liquidity Metrics

SASA shares traded at 2.58 TL, placing the company’s market capitalization at roughly 135.5 billion TL. The price‑to‑book ratio stands at 0.70, and the price‑to‑EBITDA multiple is 20.66, indicating a reasonable valuation and healthy liquidity.

Strategic Takeaways: Credit and Investment Outlook

■Credit Risk: Lower net debt and higher equity improve SASA’s credit risk profile.

■Investment Appeal: Strong operational profit gains make the stock an attractive prospect for investors.

■Financing Cost: Debt reduction may lower the company’s cost of capital.

■Sector Leadership: Growing demand in the polyester market and SASA’s efficiency gains reinforce its leadership position.

Kerem Tufan – Director of Commercial Loans and Central Bank Policies: SASA’s H1 2026 performance demonstrates the capacity of large‑scale producers to achieve operational turnarounds despite tightening SME credit conditions. The 8% drop in net debt and equity expansion provide a positive signal for banks managing credit risk. Nevertheless, the 7% decline in current assets warrants close monitoring of cash‑flow management. These dynamics present an opportunity to reassess medium‑term credit policies.