Akademik Veri Yönetim Sistemi
5. ULUSLARARASI BANKACILIK KONGRESİ, Uşak, Türkiye, 22 - 24 Mayıs 2025, ss.139-142, (Özet Bildiri)
Aim: This study aims to comprehensively analyze the financial performance of tourism sector from thepoint of view of the effects of COVID19 and compare the performance of a leading actor of the index (MeritTourism Investment and Operation Inc.) with the industry figures by using Altman-Z scoring and Du-Pontanalysis.Data and Method: To assess the impact of the Covid-19 pandemic on the financial health of tourismbusinesses, the study employed two different methods; Altman-Z scoring and Du-Pont analysis. Tounderstand the scope, balance sheet and income statement data for the years 2019-2023 were examined.While the financial data of MERIT were obtained through the Public Disclosure Platform (KAP), data for theaccommodation and food service sector were obtained from the Central Bank of the Republic of Turkey(CBRT) sector reports. The financial ratios used in the study were evaluated in terms of the company'sprofitability, asset usage and equity efficiency and compared with other companies in the sector.Findings: MERIT, AltmanZ scores for the years 2019-2021 were calculated as 14.0202, 70.4785, and22.4304, respectively. This means before COVID19, MERIT did not consistently face the risk of financialdistress or insolvency. However, after the pandemic, according to 2023 data, it declines to 15,3963. Thisresult is consistent with the ROE comparing with the industry. ROE of MERIT is 2.03% whereas industryaverage is 9.86%. This shows that MERIT uses its equity less efficiently compared to the sector and COVID19became an “equity eater” for MERIT.Conclusion: Findings of the study provide in-depth insights into the sector’s operational efficiency, capitalstructure, and financial management strategies. It has been concluded that tourism sector needs to optimizeits financial management practices in order to achieve long-term sustainable growth and competitiveadvantage. Enhancing financial performance necessitates a strategic emphasis on improving asset turnoverand maximizing return on equity. This analysis results show that due to its geographical location, MeritTourism Investment and Operation Inc.'s net profitability rate is well above the sector average, but it lagsbehind the sector average in terms of using its assets effectively. The fact that the company's total assetconversion rate is low compared to the sector reveals that capital management needs to be improved in thecompany's growth strategies. In addition, when evaluated in terms of ROE, it’s seen that the companyremains below the sector average in using its equity capital effectively. This situation shows that althoughthe company's profitability is high, it needs to develop more effective strategies in terms of financial health.Originality: I hereby declare that this article is an original work that has not been previously published orsubmitted for publication elsewhere. All sources of information, data, and literature used in the study havebeen properly cited.Policy Recommendations: Companies that successfully controlled their operational expenditures—suchas by minimizing operational costs and revising contractual agreements—were better positioned towithstand the financial repercussions. Additionally, certain firms may have utilized forward contracts orinsurance mechanisms to mitigate the adverse effects of unexpected disruptions in the system, such as thosecaused by a pandemic or a political turmoil.
Keywords: Tourism, Du-Pont Analysis, Altman-Z, COVID19, Financial Health