Aselsan inks agreements worth over $95 million with Baykar

Defense company Aselsan has announced that it signed deals with drone maker Baykar amounting to $95.1 million.

"Of this amount, $87.8 million consists of international sales contracts for the export of payloads, including friend or foe recognition systems, satellite communication systems, airborne radio systems, munition systems and electro-optical systems for end users in Asia and Africa," Aselsan said in a filing with Borsa İstanbul.

Earlier this month, Aselsan also signed an export deal worth $26.2 million for "the end use of its customers in Asia and the Pacific regions."

Under the deal, Aselsan will sell payloads for naval platforms, including radar, friend or foe recognition system, electronic warfare suite, remote-controlled weapon system and submarine torpedo countermeasure system.

Aselsan is one of the major players in the global defense industry.

It advanced from the 47th spot in the Defense News Top 100 ranking in 2022 to 42nd place in 2023. Aselsan ranked 67th on the list in 2013 and became one of the top 50 companies in 2019.

The company exports products to 88 countries, according to a presentation on its website.

Aselsan reported a net income of 6.08 billion liras in the first nine months of 2024, up 39 percent from a year ago.

Revenues rose by 14 percent annually to 60.7 billion liras with gross profit increasing 26 percent to 18.8 billion.

The company's net profit margin improved from 8 percent to 10 percent.

The Turkish Armed Forces Foundation holds a 74.2 percent stake in Aselsan, while 25.8 percent of its shares are traded on the stock exchange.