Aselsan’s 9-month profit up 83 percent

ISTANBUL

Türkiye’s leading defense company Aselsan has reported that its net income increased from 3.1 billion Turkish Liras in January-September 2021 to 5.7 billion liras in the same period of this year, marking an 83 percent rise.

Sales revenues of the company rose from 10.3 billion liras to 17.7 billion liras, while gross profit increased by 60 percent on an annual basis to reach 5.44 billion liras.

EBITDA - earnings before interest, taxes, depreciation and amortization - also rose from 2.47 billion liras to 4.1 billion liras.

Cost of sales jumped from 6.9 billion liras to 12.2 billion liras, the company’s financials showed.

In the third quarter, Aselsan posted a net income of 1.94 billion liras of net income, up from 601 million in the same period of last year. Revenues climbed from 3.3 billion liras in July-September 2021 to 6.9 billion in the third quarter of this year.

The company’s backlog was $7.6 billion in the third quarter while Aselsan was awarded $924 million worth of new orders in the same period.

Exports amounted to 3.2 billion liras in the third quarter.

The company was Türkiye’s largest research and development spender with 5.6 billion liras.

Aselsan ranked 49th in Defense News Top 100 global list last year. The Türk Armed Forces Foundation owns 74.2 percent shares of the company, while 25.8 percent is traded on Borsa Istanbul.

Türkiye’s defense spending was $15 billion last year, which corresponded to 2.1 percent of the country’s GDP.