Aselsan’s first-half profit up 50 percent

ISTANBUL

The net income of Aselsan, Türkiye’s largest defense company, increased by 50 percent in January-June from a year ago to 3.8 billion Turkish Liras.

Revenues rose by 55 percent year-on-year in the first half to 10.84 billion liras, with the net profit margin declining slightly from 36 to 35 percent.

Ebitda was up 42 percent in the first six months of the year compared with the same period of 2021 to 2.7 billion liras.

Domestic sales amounted to 9.24 billion liras, while exports generated 1.6 billion liras in revenues in the January-June period.

In the first half, Aselsan sealed new contracts worth $489 million, and the backlog was $7.9 billion. The company’s R&D spending totaled 3.28 billion liras, making it the country’s largest R&D spender.

In its guidance for 2022, Aselsan said it expected sales to grow 25 percent and investments to amount to 5 billion liras.

Aselsan ranked 49th on the Defense News’ Top 100 list. The company increased its defense revenues by 1 percent, from $2.22 billion in 2020 to $2.25 billion in 2021.

Total revenues amounted to $2.33 billion, with defense revenues accounting for 96 percent of the total.

The Turkish Armed Forces Foundation owns 74.2 percent of Aselsan, while 25.8 percent of the company’s shares are traded on Borsa Istanbul.