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Sağlama record · BIST: ALKLC

Altınkılıç Gıda ve Süt

Altınkılıç Gıda ve Süt (ALKLC) shares were removed from Borsa Istanbul's participation index list (BIST Participation All Shares) as of October 1, 2026 (Borsa Istanbul announcement, Sep 29, 2026). Borsa Istanbul does not state the reason for a removal in its announcement. In the company's KAFİF declaration for the first half of 2026, the interest-bearing loans ratio is 39.55%, against a threshold of 33%.

Dated October 17, 2026No. SGL-2026-6A-ALKLC

Based on the financial statements for the first half of 2026, the interest-bearing loans ratio depends on the company's declaration: the proven amount alone gives a ratio below the threshold, and the cautious upper bound is above it.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

depends on the declaration
at most40.9%

Proven lower bound 14.7% · cautious upper bound 40.9%

Calculation and source

Calculation: numerator ÷ denominatorTRY 3,313,676,111÷TRY 8,100,870,771 (total assets)× 100

RatioInterest-bearing loans / total assets

The measurement is a range. The lower bound counts only the amounts that the statements and notes prove; the upper bound also counts, as a precaution, every item that could not be proven. The threshold falls inside this range, so the outcome depends on the company's KAFİF declaration.

Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. Debts proven not to count (line 6J of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 5: “Türk Lirası banka kredileri” TRY 1,024,170,224: undetermined, kept in the upper bound; “Kısa vadeli kiralama yükümlülükleri” TRY 74,862,591: not counted (proven); “Çıkarılmış bono ve senetler (*)” TRY 854,136,954: counted in the ratio (proven); “Faktoring borçları” TRY 338,499,103: counted in the ratio (proven); “Diğer finansal borçlar” TRY 12,164,737: undetermined, kept in the upper bound. Note 5: “Uzun vadeli kredilerin kısa vadeli kısmı” TRY 575,441,384: undetermined, kept in the upper bound. Note 5: “Türk Lirası banka kredileri” TRY 257,991,596: undetermined, kept in the upper bound; “Uzun vadeli kiralama yükümlülükleri” TRY 54,097,844: not counted (proven). Notes that could not be used: Other payables: no note was found for this item (condensed interim report). The ratio is in the range 14.72% to 40.91%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Türk Lirası banka kredileri · Short-term borrowings, note 51,024,170,224undetermined, kept in the upper boundTKBB Guideline 6.1
Kısa vadeli kiralama yükümlülükleri · Short-term borrowings, note 574,862,591not counted (proven)TKBB Guideline 6.2
Çıkarılmış bono ve senetler (*) · Short-term borrowings, note 5854,136,954counted in the ratio (proven)TKBB Guideline 6.1
Faktoring borçları · Short-term borrowings, note 5338,499,103counted in the ratio (proven)TKBB Guideline 6.1
Diğer finansal borçlar · Short-term borrowings, note 512,164,737undetermined, kept in the upper boundTKBB Guideline 4.1
Uzun vadeli kredilerin kısa vadeli kısmı · Current portion of long-term borrowings, note 5575,441,384undetermined, kept in the upper boundTKBB Guideline 6.1
Türk Lirası banka kredileri · Long-term borrowings, note 5257,991,596undetermined, kept in the upper boundTKBB Guideline 6.1
Uzun vadeli kiralama yükümlülükleri · Long-term borrowings, note 554,097,844not counted (proven)TKBB Guideline 6.2

KAFİF declaration 39.6% (first half 2026) · Sağlama range 14.7% to 40.9% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Interest-bearing assets

within the threshold
1.0%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 83,076,176÷TRY 8,100,870,771 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

Upper bound. Asset items that may count as interest-bearing (line 5F of the KAFİF form) were taken in full from the public statements. Assets proven not to count (line 5G of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 4: “Kasa” TRY 4,800: not counted (proven); “Bankalar / -Vadesiz mevduat” TRY 76,514,526: not counted (proven); “Bankalar / -Vadeli mevduat” TRY 83,000,000: counted in the ratio (proven); “Bankalar / -Bloke mevduat” TRY 21,831: counted in the ratio (proven); “Diğer hazır değerler (*)” TRY 54,345: undetermined, kept in the upper bound. The ratio is in the range 1.02% to 1.03%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kasa · Cash and cash equivalents, note 44,800not counted (proven)TKBB Guideline 5.2
Bankalar / -Vadesiz mevduat · Cash and cash equivalents, note 476,514,526not counted (proven)TKBB Guideline 5.2
Bankalar / -Vadeli mevduat · Cash and cash equivalents, note 483,000,000counted in the ratio (proven)TKBB Guideline 5.1
Bankalar / -Bloke mevduat · Cash and cash equivalents, note 421,831counted in the ratio (proven)TKBB Guideline 5.1
Diğer hazır değerler (*) · Cash and cash equivalents, note 4The company's note says: “Diğer hazır değerler B tipi likit fonlardan oluşmaktadır.”54,345undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 1.0% (first half 2026) · Sağlama range 1.0% to 1.0% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Excluded income

within the threshold
0.8%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 27,745,848÷TRY 3,387,619,959 (total income)× 100

RatioExcluded income / total income

On the KAP form this item is titled “Katılım Finans İlkelerine Uygun Olmayan Gelir”, which means income not in line with participation finance principles.

Measured on the items we can calculate. Income items that may count as excluded (line 4C of the KAFİF form) were taken in full from the public statements. The deduction for income that does not count (line 4D of the KAFİF form) is not known and was set to 0. For the income lines that may count (line 4C), the ratio is an upper bound. Excluded income from business activities (line 4B of the KAFİF form) does not appear in the financial statements; it is only in the company's KAFİF declaration on KAP. This measurement sets it to 0. If there is a declaration, the record shows it separately, with a link. Note 17: “Faiz gelirleri” TRY 12,671,341: counted in the ratio (proven). Notes that could not be used: Other income from operating activities: no note was found for this item (condensed interim report). Income from investing activities: no note was found for this item (condensed interim report). The ratio is in the range 0.37% to 0.82%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Faiz gelirleri · Finance income, note 1712,671,341counted in the ratio (proven)TKBB Guideline 4.1

KAFİF declaration 0.8% (first half 2026) · Sağlama range 0.4% to 0.8% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

The three ratios are calculated from the financial statements, and each bar is scaled to its own threshold. The measurement uses the company's latest published statements, and every record states the period. The official review uses audited six- and twelve-month statements (Standard 3.4), so the periods can differ. Method

This record is produced by Sağlama's calculation from the financial statements the company publishes. The method and the corrections log are public. Responsible for this record: Savaş Tutumlu, founder.

Official list record

Official list
Not on the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
Latest official change

Removed from the BIST Participation All Shares, BIST Participation 30, BIST Participation 50 and BIST Participation 100 indices as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

All changes for the period from October 2026 to April 2027

Next period
Starts on May 1, 2027. Borsa Istanbul is expected to announce the new list by April 29, 2027 at the latest (Ground Rules 2.17).

Status history

6 entries

Each period's record and every correction are kept with their dates. Method

  1. Earlier measurementTKBB rules, August 2025, version 1 · full year 2025: near the threshold. Income 0.46% · assets 1.92% · loans 33.04%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · full year 2025: near the threshold. Income 0.40% · assets 1.58% · loans 31.99%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · full year 2025: near the threshold. Income 0.40% · assets 1.58% · loans 31.99%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 0.82% · assets 1.03% · loans 40.91%.
  5. Removed from the indexRemoved from the BIST Participation All Shares, BIST Participation 30, BIST Participation 50 and BIST Participation 100 indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  6. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.37% to 0.82% · assets 1.02% to 1.03% · loans 14.72% to 40.91%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • ALKLC financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 88a9912c4ecc…View the document
  • Sağlama's calculation and methodTKBB rules, August 2025, version 3Read the method

If a figure looks wrong, write to bilgi@saglama.com. We correct it and record the correction with its date in the corrections log.

What this measurement covers

This result says nothing about the quality of the company. It only shows where a measured ratio stands against the threshold.

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 0.8%, interest-bearing assets 1.0%, interest-bearing loans 39.6%. View the form on KAP

The company's answers to the four yes/no questions on the form:

Do the articles of association of the company, its corporate shareholders or its affiliates include an activity that does not follow participation finance principles?
No
Do the company's articles of association grant a privilege that does not follow participation finance principles?
No
Has the company made a statement or decision supporting the actions defined in Standard 1.5 and TKBB Guideline 1.D?
No
Does the company have activities or income directly contrary to participation finance principles?
No

Purification calculation

Dividend-based method · CALCULATOR (DIVIDEND-BASED METHOD)

Purification calculator

A company within the threshold can still have a small amount of excluded income (interest income and other income the standard excludes). Under the TKBB standard, the part of this income that falls to your shares is given to charitable causes. This duty applies whether the company made a profit or a loss, and whether or not it paid a dividend. The amount set aside does not replace zakat or sadaqa.

CALCULATION SLIPALKLC · first half 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
0.8%
Purification amount
TRY 9.84

Purification amount = gross dividend × excluded income ratio

The number of shares and the dividend are sample inputs. The ratio comes from the company's measurement. To calculate with your own figures, use the purification page.

Purification amount = gross dividend × excluded income ratio (dividend-based method). Under TKBB Standard 3.6.1, purification is needed even if the company makes a loss or pays no dividend. The method page quotes TKBB Standard 3.6, including the inflation deduction under 3.6.2. This is a cautious calculation. The amount may be higher than the true figure, because it uses all of the interest income, not only the part above inflation. The ratio is the upper bound of the measurement (the lower bound is 0.37%); the purification amount is calculated on the upper bound, as a precaution.

  • Excluded income is the part of a company's earnings that is not in line with participation finance principles. On the KAP form it is called “income not in line with participation finance principles.”
  • Purification is done even if the company makes a loss.
  • Purification is needed even if no dividend is paid. The calculation here uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method), which this calculator does not do yet.
  • The purification amount does not replace zakat or sadaqa. Under the TKBB standard, it is given away, not kept.
  • You give the amount yourself, to a charitable cause of your choice. Sağlama does not direct donations.

This calculation uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method). The standard is quoted on the method page.

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Other companies not on the list

The 12 companies just before and after this one in alphabetical order among the companies not on the BIST Participation All Shares list. All companies: Company list.