Financial Performance Analysis of Large-Scale Enterprises in the Transportation and Storage Sector in Turkey using Ratio Analysis Method

Abstract

Purpose - This study aims to comparatively analyze the financial performance of large-scale enterprises operating within the transportation and storage sector in Türkiye by examining two distinct periods: the pre-Covid-19 period (2017-2019) and the Covid-19 period (2020-2022).
Design/ methodology/approach - The study employs ratio analysis to assess firms’ financial performance in terms of liquidity, capital structure, asset utilization efficiency, and profitability indicators.
Findings – The findings demonstrate that liquidity ratios exhibited a fluctuating pattern across the analyzed periods. Although a temporary improvement was observed during the initial phase of the Covid-19 pandemic, a subsequent decline emerged in the following years. Financial structure ratios indicate that enterprises predominantly sustained their operations through debt financing and showed an increasing tendency toward long-term borrowing during the pandemic period. Regarding asset utilization, a positive trend was identified in asset turnover ratios, whereas notable fluctuations were observed in the efficiency of tangible fixed asset utilization. Profitability ratios, however, remained predominantly at negative levels throughout both periods.
Discussion – The economic uncertainties and operational disruptions induced by the pandemic exerted adverse effects on sectoral profitability. The results reveal that large-scale enterprises within the transportation and storage sector encountered substantial financial vulnerabilities during the pandemic and were exposed to various risks concerning sustainable growth and long-term profitability. Accordingly, the study is expected to contribute to the existing literature by providing empirical insights that may support strategic decision-making processes and policy formulation within the sector.