Turkish defense giant ASELSAN's profits rise in 2016

Turkey's leading defense systems producer ASELSAN has marked an increase of 273 percent in its net profit in 2016 when compared with 2015. 
 
ASELSAN said its orders reached $6.2 billion in 2016, making 795 million Turkish Liras ($220 million) in profit, an increase of 273 percent compared with 213 million Turkish liras ($59.6 million) in 2015, according to the company's 2016 report.        

The company's sales also increased by 36 percent to 3.76 billion liras ($1.04 billion), including 485 million liras ($235 million) of orders from overseas, up from 2.78 billion liras in 2015.       
 
ASELSAN's third quarter net profit increased 126 percent over the same period in 2015.

Adding new items on its list of businesses both at home and abroad have played role in ASELSAN's growth. 

Turkey started to make its first "indigenous" frigate, dubbed the "Istanbul Frigate," last month. 

The "I-class" frigate developed by ASELSAN will be equipped with indigenous infrared search and track systems. 

ASELSAN is ranked 58th in the list of the world's top 100 defense giants in 2016, compiled by the prestigious U.S. weekly Defense News.

ASELSAN said on Dec. 27, 2016 that it had established a joint venture with Saudi firm TAQNIA in Saudi Arabia. The joint defense company, SADEC, has $6 million in capital.

Turkey's defense industry has gained momentum in recent years with the expansion of local producers and domestic firms introducing new products to the market, contributing to Ankara's goal of relying more on domestic sources than imported products of military equipment.