Aselsan’s net income soars to 7.4 billion liras in 2023

Net income of Türkiye's leading defense company Aselsan soared from 1.19 billion Turkish Liras in 2022 to 7.4 billion liras ($230 million) last year, pointing to a 520 percent increase.

The company's revenues rose by 10 percent in 2023 to reach 73.6 billion liras from 66.9 billion in the previous year, with gross profit increasing 13 percent to 20.1 billion, Aselsan said in a filing with Borsa Istanbul.

EBITDA was up 14 percent from 2022 to 16 billion, while EBITDA margin was 22 percent, improving slightly from 2022's 21 percent.

The net profit margin was 10 percent last year against 2 percent in 2022.

Aselsan received $5 billion worth of contracts last year while the backlog reached a record $11 billion, said Ahmet Akyol, the general manager of the company, commenting on the 2023 financials.

Aselsan inked $601 million worth of export agreement in 2023, while it won a tender for the modernization of tanks in Chile, Akyol added.

Some 74.2 percent of Aselsan shares are owned by the Turkish Armed Forces Foundation, while the remaining 25.8 percent are traded on the stock market.

It was the seventh largest company in Borsa İstanbul with a market capitalization of $7 billion at the end of 2023.

It has 16 facilities in five cities, including Ankara, Istanbul, Konya, Kayseri and Sivas, as well as four affiliates, three subsidiaries and nine offices abroad.

In its guidance for 2024 Aselsan unveiled on March 26, the company said it expected a consolidated revenue growth of more than 10 percent in real terms this year, while EBITDA margin forecast is over 22 percent.

Consolidated investment spending will be around 14 billion liras, the company said.