Analysis of The Financial Performances of Real Estate Investment Trusts Critic Aras and Copras Methods: The Case of Bist

Özet

Purpose – It was aimed to analyze the financial performances of Real Estate Investment Trust companies whose stocks have been traded in Borsa Istanbul over the years 2017-2021. Design/methodology/approach –In the research study; the criteria weights of financial data were determined in the analysis employing the CRITIC Method, one of the Multi-Criteria Decision-Making Techniques. ARAS and COPRAS Methods were employed to rank the financial performances of the Real Estate Investment Trust companies. Findings – In the analysis; while the criterion with the highest weight in determining the criterion weights of financial ratios with the CRITIC method was the Gross Operating Profit Margin in 2017, 2018, 2020, and 2021, it was determined as the Net Sales Growth for 2019. While the lowest weighted criterion was the Return on Assets for 2017 and 2021, it was determined as the Return on Equity for 2018, 2019, and 2020. In the ARAS method, the companies with the best financial performance year by year were PAGYO, PAGYO, AVGYO, AVGYO, and TDGYO, respectively; whereas the companies with the worst financial performance were PEGYO, NUGYO, NUGYO, PEGYO, and DGGYO, respectively. In the evaluation of the financial performances of the Real Estate Investment Trust companies employing the COPRAS method, it was determined that the companies with the best financial performance were PAGYO, PAGYO, AVGYO, AVGYO, and TDGYO, respectively; whereas the companies with the worst financial performance were PEGYO, NUGYO, PEGYO, AKFGY, and DGGYO, respectively. Discussion – The results of the study supported the use of Multiple Criteria Decision-Making techniques by financial information users to calculate the financial performance of businesses. Additionally, the research found that the Real Estate Investment Trust companies with high profitability and low debt ratios also had high financial performance rankings.