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Ziraat Gayrimenkul Yatirim Ortakligi AS

Ziraat Gayrimenkul Yatirim Ortakligi AS

BBIST:ZRGYO
17.84
TRY
+0.34
(+1.94%)
1.32EPS
13.66P/E
84.72BMarket Cap
Ziraat Gayrimenkul Yatirim Ortakligi AS
BIST:ZRGYO
(Istanbul Exchange)

Recent

price

17.84

P/E

ratio

13.66

div

yld

-0.05%

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
0.01
0.01
0.03
0.04
0.29
1.08
0.97
0.74
0.93
Revenue per Share
0.03
0.03
0.08
0.31
1.94
1.28
0.85
1.61
1.32
Basic EPS, GAAP
- -
- -
0.02
0.04
0.02
-0.22
0.82
0.27
0.2
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.01
0.01
0.06
0.08
-0.01
Dividend per Share
0.36
0.39
1.08
1.78
6.84
11.18
15.36
16.9
19.97
Book Value per Share
0.36
0.39
1.08
1.78
6.84
11.18
15.36
16.9
19.97
Tangible Book Value per Share
4,694
4,694
4,694
4,289
4,694
4,694
4,694
4,694
4,694
Basic Weighted Avg Shares
46
44
145
187
1,339
5,070
4,539
3,466
4,342
Sales/Revenue/Turnover
86.57
128.14
25.56
35.03
30.82
19.46
57.64
70.55
64.23
Operating Margin (%)
- -
- -
- -
1
6
9
13
2
3
Depreciation Expense
133
127
378
1,320
9,112
5,989
4,002
7,556
6,201
Net Income, GAAP
- -
- -
0.07
0.13
0.01
0.04
43.77
25.07
42.06
Effective Tax Rate (%)
286.76
288.53
261.18
706.76
680.31
118.13
88.16
217.97
142.82
Profit Margin (%)
-156
-529
-201
424
-490
7
-1,553
-1,133
91
Working Capital
- -
- -
- -
3
1,340
2,309
2,971
5,553
6,947
LT Debt
1,684
1,811
5,091
8,373
32,110
52,465
72,095
79,328
93,733
Total Equity
- -
- -
9.23
16.23
51.42
16.67
7.89
9.39
7.08
Return on Invested Capital (%)
- -
- -
9.94
19.38
43.38
15.01
8.43
11.12
8.57
Return on Capital (%)
- -
7.27
10.95
19.61
45.02
14.16
6.43
9.98
7.76
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2,776
3,442
3,611
LT Borrowings
5,553
5,764
6,947
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
4,694
4,694
4,694
Market Capitalization
110,018
107,390
84,720

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,648
4,287
4,807
Cash, Cash Equivalents & STI
637
346
415
Accounts Receivable, Net
108
109
46
Inventories
1,776
3,653
4,144
Total Current Liabilities
3,781
4,311
4,716
Payables & Accruals
- -
- -
- -
ST Debt
2,776
3,442
3,611
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
91.76%
10.03%
Free Cash Flow
- -
-328.85%
-66.71%
Net Income, GAAP
- -
172.2%
88.8%
Sales/Revenue/Turnover
- -
178.11%
-23.64%
Total Cash Common Dividend
- -
- -
33.69%

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
305
477
737
2,269
4,539
2025
704
744
598
1,650
3,466
2026
840
1,254
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
0.07
0.04
0.54
0.85
2025
0.03
0.56
0.08
1.04
1.61
2026
0.08
0.11
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.06
2025
- -
- -
-0.02
0.01
0.08
2026
- -
- -
- -
- -
- -
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Business
Ziraat Gayrimenkul Yatirim Ortakligi AS is a Turkey-based real estate investment trust engaged in the investment, development, leasing, and management of real estate properties, real estate-backed rights, and property development projects, as well as capital market instruments. Founded in 2016 and headquartered in Istanbul, Turkey, the company operates as a subsidiary of state-owned Turkiye Cumhuriyeti Ziraat Bankasi AS within the Ziraat Finance Group. Ziraat REIT structures its operations across commercial, office, residential, institutional, and mixed-use real estate sectors. The company's core portfolio and service offerings comprise prime commercial and office real estate, anchored by the flagship Istanbul Financial Center Ziraat Towers development featuring twin 46-story and 40-story LEED Platinum-certified office towers with integrated podium and retail spaces; cross-border commercial property investments, including a corporate office building in Frankfurt am Main, Germany; nationwide educational, retail, and branch facilities, including an educational complex in Ankara and branch buildings across major metropolitan centers such as Istanbul, Ankara, Izmir, Bursa, and Antalya; residential and mixed-use development projects; strategic land banking and development plot acquisitions; and professional property leasing, asset management, and valuation services for corporate, institutional, retail, and financial tenants. In recent company developments, Ziraat REIT expanded its international footprint into Central Asia by establishing its wholly owned subsidiary TOO Ziraat GYO Kazakhstan and acquiring a 4,769-square-meter parcel in Almaty from Kazakhstan Ziraat International Bank to develop a modern commercial office and business center project. In addition, the company has progressed the operational leasing and occupancy of its landmark Ziraat Towers within the Istanbul Financial Center complex, optimized its domestic and international asset base, and maintained active capital management and dividend distributions to strengthen shareholder returns.