Financial Performance Analysis of Borsa İstanbul Transportation Sector Companies: VIKOR Approach

Abstract

Purpose – The transportation sector plays a strategic role in the economic and social development of countries. In an environment characterized by globalization and increasing competition, business sustainability depends on the accurate analysis of financial success. This study aims to evaluate the financial performance of companies listed in the Borsa Istanbul (BIST) Transportation sector.

Design/methodology/approach – The study examined the financial performance of eight companies listed on the BIST Transportation Sector (Beyaz Filo, Çelebi Hava Servisi, GSD Denizcilik, Pegasus, Reysaş, Trabzon Liman, Turex, and Turkish Airlines). The VIKOR method was applied using nine financial ratios for the 2020-2024 period, including current, cash, financial leverage, and debt ratios, along with asset and equity turnover, ROA, ROE, and net profit margin.

Findings – The analysis revealed that Trabzon Liman exhibited the highest financial performance in 2020, 2022, and 2023, while GSD Denizcilik led in 2021, and Çelebi Hava Servisi in 2024. Conversely, Pegasus and Reysaş generally ranked among the bottom three companies between 2020 and 2024. Furthermore, the acceptable stability condition of the VIKOR method was confirmed to be satisfied in all years, verifying the validity of the analysis.

Discussion – The results indicate that Trabzon Liman had the most stable financial performance during the period examined. In 2020, airline companies experienced a decline due to the impact of the Covid-19 pandemic, but a strong recovery was observed in these companies after 2023. The findings can guide managers in strategic benchmarking and investors in making financial decisions. In future studies, different or hybrid methods can be applied to contribute to the literature.