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Halk Gayrimenkul Yatirim Ortakligi AS

Halk Gayrimenkul Yatirim Ortakligi AS

BBIST:HLGYO
3.61
TRY
-0.12
(-3.22%)
3.33EPS
1.76P/E
21.92BMarket Cap
Halk Gayrimenkul Yatirim Ortakligi AS
BIST:HLGYO
(Istanbul Exchange)

Recent

price

3.61

P/E

ratio

1.76

div

yld

-0.02%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
- -
0.02
0.01
0.02
0.03
0.04
0.03
0.03
0.12
0.05
0.06
0.04
0.1
0.71
0.65
5.15
4.93
Revenue per Share
- -
0.02
0.01
0.01
0.02
0.08
0.04
0.1
0.15
0.12
0.14
0.15
2.2
1.16
0.45
3.46
3.33
Basic EPS, GAAP
- -
0.01
0.03
-0.03
0.02
0.04
0.02
-0.01
- -
0.03
0.06
0.01
1.08
-0.45
-0.77
-1
-1.39
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.02
- -
- -
Dividend per Share
0.26
0.27
0.28
0.31
0.53
0.61
0.65
0.75
0.9
1.02
1.16
1.31
5.58
9.25
10.48
14.47
17.39
Book Value per Share
0.26
0.27
0.28
0.31
0.53
0.61
0.65
0.75
0.9
1.02
1.16
1.31
5.58
9.25
10.48
14.47
17.39
Tangible Book Value per Share
2,483
1,866
1,877
2,402
2,591
2,591
2,591
2,591
2,591
2,591
2,591
2,591
3,211
3,211
3,520
3,840
3,782
Basic Weighted Avg Shares
- -
34
27
59
87
100
80
82
319
130
152
105
314
2,279
2,294
19,783
18,642
Sales/Revenue/Turnover
- -
88.05
74.78
62.78
70.47
62.17
59.34
61.24
27.17
53.3
38.21
43.72
20.61
31.93
60.73
10.11
14.72
Operating Margin (%)
- -
1
1
1
2
1
- -
- -
- -
2
4
3
9
9
19
33
12
Depreciation Expense
- -
30
12
32
61
203
108
252
381
321
352
379
7,057
3,732
1,599
13,279
12,577
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.05
0.94
64.33
31.24
32.27
Effective Tax Rate (%)
- -
89.46
45.01
53.85
70.83
203.62
135.31
306.55
119.48
247.28
232.08
361.92
2,246.84
163.75
69.71
67.12
67.47
Profit Margin (%)
13
30
12
133
96
92
34
-58
-140
-260
-397
-814
-1,646
-1,866
-3,310
4,970
4,596
Working Capital
- -
18
73
15
13
11
9
7
17
8
85
94
1,462
2,711
3,985
4,592
9,508
LT Debt
479
509
521
769
1,331
1,528
1,630
1,879
2,262
2,578
2,926
3,300
17,552
28,990
41,034
54,289
65,270
Total Equity
- -
5.93
3.5
5.08
5.91
14.16
2.98
2.66
3.82
2.49
11.58
10.9
52.17
14.25
5.25
27.51
24.43
Return on Invested Capital (%)
- -
6.33
3.5
5.09
5.91
14.16
6.85
13.71
16.9
11.85
11.1
10.74
57.77
16.62
6.87
28.9
25.4
Return on Capital (%)
- -
6.16
2.34
4.88
5.84
14.2
6.82
14.37
18.42
13.28
12.81
12.16
67.69
16.04
4.57
27.86
23.74
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
6,050
8,251
9,104
LT Borrowings
4,567
4,191
9,505
LT Finance Leases
25
3
3
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,753
3,753
3,753
Market Capitalization
14,073
17,525
21,916

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
16,543
16,836
19,633
Cash, Cash Equivalents & STI
4,310
4,227
1,964
Accounts Receivable, Net
242
186
284
Inventories
10,866
10,692
15,988
Total Current Liabilities
11,573
14,629
15,037
Payables & Accruals
- -
- -
- -
ST Debt
6,050
8,251
9,104
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
65.35%
116.73%
32.3%
Free Cash Flow
1,848.42%
3,882.55%
41.85%
Net Income, GAAP
253.01%
479.55%
730.29%
Sales/Revenue/Turnover
178.66%
311.56%
762.33%
Total Cash Common Dividend
63.42%
128.32%
-76.58%

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
223
247
294
1,196
2,294
2025
6,362
828
1,269
12,638
19,783
2026
1,560
3,174
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.21
0.51
-0.04
- -
0.45
2025
0.49
0.88
0.08
2.36
3.46
2026
0.28
0.61
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.02
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Halk Gayrimenkul Yatirim Ortakligi AS is a Turkey-based real estate investment trust engaged in the investment, development, leasing, and management of real estate assets, property development projects, and property-backed capital market instruments. Founded in October 2010 as a subsidiary of Turkiye Halk Bankasi AS and headquartered at the Istanbul Financial Center in Umraniye, Istanbul, the company operates under Capital Markets Board regulations and trades on the Borsa Istanbul under the ticker HLGYO. The company manages a diversified portfolio spanning commercial, residential, hospitality, and industrial property assets across Turkey, generating revenues through long-term lease agreements, development sales, and capital appreciation. Its core products and services comprise commercial office properties, highlighted by the Halk Office Towers within the Istanbul Financial Center; nationwide retail and bank branch premises leased primarily to financial institutions and corporate tenants; residential and mixed-use developments, including large-scale urban communities developed independently or through joint ventures such as Bizimtepe Aydos, Evora Izmir, and Konum Istanbul; hospitality real estate assets, including hotel properties such as Istanbul Levent Hotel, Salipazari Hotel, and Beyoglu Hotel; industrial and logistics parks, such as the Dilovasi Modern Industrial Site; project development, architectural management, and construction oversight conducted via its wholly owned subsidiary Halk Yapi Projeleri Gelistirme AS; comprehensive property and asset management, lease administration, and tenant management services; and real estate-backed capital market instruments, including lease certificates and sukuk issuances. Halk GYO serves institutional clients, commercial businesses, public and private banking networks, hospitality operators, and individual residential buyers across major metropolitan and commercial hubs in Turkey, with primary concentrations in Istanbul, Ankara, Izmir, and Kocaeli. In recent developments, Halk GYO has executed successive equity capital increases through rights and bonus share issuances to expand its capital base and support its ongoing pipeline of large-scale projects. The company advanced the commercialization of its prime assets at the Istanbul Financial Center, securing municipal construction permits for new mixed-use stages and granting executive authorization for the sale and leasing of office units within the Halk Office Towers. Expanding beyond traditional commercial and residential sectors, Halk GYO entered the modern light industrial and logistics market with the development of the multi-unit Dilovasi Modern Industrial Site in Kocaeli, executing strategic land and asset transactions with parent entity Turkiye Halk Bankasi AS. Additionally, the company progressed the development and sales phases of key regional joint venture projects, including Evora Izmir, while maintaining liquidity through structured debt instruments and capital market programs.