Financial performance analysis of manufacturing sector enterprises included in the Borsa Istanbul participation 30 Index

Islamic stock market indices are designed to provide an environment for investors who adhere to religious beliefs, and they have a long-standing presence in international capital markets. Additionally, the Islamic finance system is preferred by investors not only as an investment option in line with their beliefs but also as a means of protection against the effects of global financial crises or for diversifying their portfolios. In Turkey, the first index representing Islamic principles is the Participation 30 Index, which includes the stocks of the 30 companies with the highest trading volume and market value. The aim of this study is to measure the financial performance of companies in the manufacturing sector included in the Participation 30 Index, created in accordance with Islamic principles, between 2018 and 2022, and to determine the rankings of companies using the TOPSIS method, one of the multi-criteria decision-making models, with the CRITIC weighting method based on financial statement data. Given that the range of years examined in the study coincides with the pandemic period, evaluating the ranking during the pandemic and its impact is important. According to the study, companies with the highest financial performance scores are determined to be OYAKC, EREGL, and TUPRS, respectively. On the other hand, companies with the lowest financial performance scores in the rankings are seen to be VESTL, GUBRF, and KARSN, respectively. It is observed that companies' financial performance rankings vary by year, indicating that their financial performance differs between pre-pandemic and pandemic periods. In this context, it is observed that although Covid-19 did not have a significant impact, it had a negative effect on the financial performance of manufacturing sector companies in the Participation 30 Index. Looking at the impact of Covid-19 over the years, it is seen that the financial performance in 2021 had a greater impact compared to 2020. Keywords: Financial Performance, TOPSIS, CRITIC, Participation 30 Index, Manufacturing Sector.