Tüpraş leads Top 500 Industrial Enterprises List

ISTANBUL

Oil refiner Tüpraş once again ranked first in the Istanbul Chamber of Industry’s (İSO) Top 500 Industrial Enterprises list with production-based sales amounting to 484.2 billion Turkish Liras ($14.7 billion) in 2023.

Net sales of the company, which employs more than 5,000 people, stood at 542 billion liras, while its net income was 63.9 billion liras last year. Tüpraş’s export revenues amounted to $6.2 billion.

Carmaker Ford Otomotiv Sanayi came second with production-based sales at 238 billion liras and a net income of 32 billion liras.

Star Rafineri and Istanbul Gold Refinery ranked third and fourth with production-based sales at 227 billion liras and 142.5 billion liras, respectively.

Another carmaker, Toyota Otomotiv, claimed the spot with sales amounting to 127.5 billion liras.

The combined production-based sales of Türkiye’s 500 industrial enterprises leaped 42.1 percent last year compared with 2022 to 6.38 trillion liras, according to a statement by the chamber. The combined production-based sales of the top 500 companies surged 119 percent in 2022 from the previous year to 4.48 trillion liras.

The weaker global demand, the earthquakes in February and the changes in economic policies after the elections were the main reasons for the slower growth in production-based sales, the chamber said.

The country’s 500 largest companies boosted their employment by 1.9 percent in 2023 from the previous year to 804,000 people.

Their combined export revenues amounted to $95.1 billion in 2023, pointing to a 2.1 percent decline compared with 2022.