Financial Performance Evaluation of Tourism Sector in the Post COVID-19 Pandemic Period

Abstract

Tourism sector is one of the sectors most affected by the COVID-19 Pandemic, is also among the sectors that have a high positive impact on national income. Understanding the financial performances of companies in the tourism sector, which is considered as the driving force of economic growth in developed and developing countries, after the COVID-19 pandemic period is important for policy makers, investors, companies in the sector, and managers. This study aims at evaluating financial performance of companies in the tourism sector in the post COVID-19 Pandemic period with Gray Relational Analysis. Grey Relational Analysis conducted with liquidity, financial leverage and profitability ratios. In the post-pandemic period, it has been determined that the tourism companies are in good financial position according to their liquidity, financial leverage and profitability ratios. In the financial performance evaluation, the order of importance among the ratios was realized as liquidity ratios, financial leverage ratios and profitability ratios. The order of importance in the financial performance ranking of the sector before the pandemic and during the pandemic period is financial leverage ratios, profitability ratios and liquidity ratios. It is concluded that the liquidity position has more importance for all companies after the pandemic. In the post-pandemic period, the liquidity ratios of companies are above the optimal value. Leverage and profitability ratios are close to pre-pandemic and pandemic.