Defense firm Aselsan’s 6-month profit soars 133 percent

Turkish defense company Aselsan has reported a net income of 3.6 billion Turkish Liras ($106 million) for the first half of 2024, a 133 percent increase from a year ago.

The new contracts signed rose by 124 percent compared to the same period last year, reaching $2.6 billion, the company said in a statement, adding that its backlog, which was $11 billion at the end of 2023, increased by 11 percent to $12.3 billion.

The new international contracts amounted to $365 million in January-June.

Turnover amounted to 35.7 billion liras in the January-July period, marking an annual increase of 8 percent.

Domestic sales and exports were 30.9 billion liras and 4.8 billion liras, respectively, in the first half.

Earnings before interest, taxes depreciation and amortization (EBITDA) were up 9 percent year-on-year, reaching 8.7 billion liras, with an EBITDA margin of 24 percent.

"Our financial results show that we have become a world power in technology with our reliable products and systems," commented Ahmet Akyol, CEO.

Aselsan was one of the 10 fastest-growing defense industry companies in the world, he noted.

"In 2023, we ranked 47th on the Defense News Top 100 list, rising five places this year to 42nd place," Akyol said.

Aselsan will continue to expand its export network and develop technologies that will leave its mark on the world with the offices it has opened in South America, the Balkans and the Gulf region, the company executive added.

Aselsan is one of the top 10 companies in the stock exchange's main index, BIST, with a market capitalization of $8.2 billion.