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Sağlama record · BIST: SSAAT

Saat ve Saat Sanayi

Saat ve Saat Sanayi (SSAAT) shares are on Borsa Istanbul's participation index list (BIST Participation All Shares) for the period from October 1, 2026 to April 30, 2027. Source: Borsa Istanbul's list of participation index constituents, Oct 1, 2026. The shares are also in the BIST Participation 100 index.

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

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 most46.5%

Proven lower bound 0.0% · cautious upper bound 46.5%

Calculation and source

Calculation: numerator ÷ denominatorTRY 4,370,887,077÷TRY 9,392,599,682 (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 7: “Ödenecek vergi ve fonlar” TRY 4,297,074: not counted (proven); “Diğer borçlar” TRY 2,049,441: undetermined, kept in the upper bound. Notes that could not be used: Note 13 (Short-term borrowings): the columns of the note's table could not be read reliably. Note 13 (Current portion of long-term borrowings): the columns of the note's table could not be read reliably. Note 13 (Long-term borrowings): the current-period amounts of the note's lines could not be read automatically. The ratio is in the range 0.00% to 46.54%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ödenecek vergi ve fonlar · Other payables, note 74,297,074not counted (proven)TKBB Guideline 6.2
Diğer borçlar · Other payables, note 72,049,441undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 0.1% (first half 2026) · Sağlama range 0.0% to 46.5% (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
22.3%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 2,096,865,154÷TRY 9,392,599,682 (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 5: “Kasa” TRY 2,060,469: not counted (proven); “Bankalar / - Vadesiz mevduat” TRY 397,815,153: not counted (proven); “- Vadeli mevduatlar” TRY 79,816,653: counted in the ratio (proven); “Diğer hazır değerler (*)” TRY 2,017,048,501: undetermined, kept in the upper bound. The ratio is in the range 0.85% to 22.32%; 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 52,060,469not counted (proven)TKBB Guideline 5.2
Bankalar / - Vadesiz mevduat · Cash and cash equivalents, note 5397,815,153not counted (proven)TKBB Guideline 5.2
- Vadeli mevduatlar · Cash and cash equivalents, note 579,816,653counted in the ratio (proven)TKBB Guideline 5.1
Diğer hazır değerler (*) · Cash and cash equivalents, note 5The company's note says: “Diğer hazır değerler vadesi 3 aydan kısa olan pos alacaklarından oluşmaktadır.”2,017,048,501undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 0.0% (first half 2026) · Sağlama proven lower bound 0.9% (first half 2026) · the declaration is below the proven lower bound, a question for the KAFİF Committee · View the form on KAP

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

View the documentMethod

Excluded income

within the threshold
3.3%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 254,943,576÷TRY 7,674,324,630 (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. Income that the notes prove does not count (line 4D of the KAFİF form) was deducted. Items that could not be separated stayed in the numerator, as a precaution. For these income lines (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 19: “Satış, reklam, destek gelirleri (*)” TRY 18,895,015: not counted (proven); “Kur farkı gelirleri” TRY 82,346,784: not counted (proven); “Ertelenmiş finansman gelirleri” TRY 198,014,578: undetermined, kept in the upper bound; “Karşılık iptal gelirleri” TRY 0: not counted (proven); “Maaş promosyon gelirleri” TRY 9,723,024: not counted (proven); “Diğer gelirler” TRY 25,416,659: undetermined, kept in the upper bound. Notes that could not be used: Income from investing activities: no note was found for this item (condensed interim report). The ratio is in the range 0.00% to 3.32%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Satış, reklam, destek gelirleri (*) · Other income from operating activities, note 19The company's note says: “Grup’un distribütörlüğünü yaptığı saatlerin tedarikçilerinden elde edilen reklam, satış destekleri ve ciro prim gelirlerinden oluşmaktadır.”18,895,015not counted (proven)TKBB Guideline 4.2
Kur farkı gelirleri · Other income from operating activities, note 1982,346,784not counted (proven)TKBB Guideline 4.2
Ertelenmiş finansman gelirleri · Other income from operating activities, note 19198,014,578undetermined, kept in the upper boundTKBB Guideline 4.1
Karşılık iptal gelirleri · Other income from operating activities, note 190not counted (proven)TKBB Guideline 4.2
Maaş promosyon gelirleri · Other income from operating activities, note 199,723,024not counted (proven)TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 1925,416,659undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 0.4% (first half 2026) · Sağlama range 0.0% to 3.3% (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
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
In these sub-indices
BIST Participation 100
Latest official change

Added to the BIST Participation 100 index 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). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.

Status history

7 entries

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

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 7.32% · assets 26.53% · loans 43.07%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 7.32% · assets 26.53% · loans 43.07%.
  3. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 5.91% · assets 18.15% · loans 43.07%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 5.91% · assets 18.15% · loans 43.07%.
  5. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 5.91% · assets 18.15% · loans 42.44%.
  6. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 3.32% · assets 22.32% · loans 46.54%.
  7. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.00% to 3.32% · assets 0.85% to 22.32% · loans 0.00% to 46.54%. 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

  • SSAAT financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 12398e9326a5… · fingerprint of the downloaded file 3895ac7dc317…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 measured range crosses the threshold: the proven amount is below the threshold and the cautious upper bound is above it. The outcome depends on the company's KAFİF declaration, so this record does not count as a divergence. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 0.4%, interest-bearing assets 0.0%, interest-bearing loans 0.1%. The three declared ratios are within the thresholds; the declaration settles the open range of the measurement. 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 SLIPSSAAT · 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
3.3%
Purification amount
TRY 39.84

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 0.00%); 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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Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation 100.