Aselsan’s net income surged 45 percent last year
ISTANBUL
Defense company Aselsan reported a net income of 15.3 billion Turkish Liras for 2024, a 45 percent increase from 2023.
The company’s net profit margin improved from 10 percent in 2023 to 13 percent last year.
Net sales exceeded 120 billion liras in 2024, pointing to a 13 percent increase compared to 2023, while gross profit surged 31 percent to 38.2 billion liras with the gross profit margin rising from 27 percent to 32 percent.
The company’s domestic sales rose from 96.9 billion liras in 2023 to more than 103 billion liras last year, while exports climbed from 9.3 billion liras to 17.15 billion liras. Aselsan exported its products to 92 countries.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose by 31 percent annually to 30.2 billion liras.
The backlog for the full year was $14 billion, up from $10.9 billion in 2023.
The new contracts signed in 2024 amounted to $6.55 billion, surging from $4.99 billion in the previous year.
The new international contracts were $1.02 billion last year, up from $601 million in 2023.
The company’s R&D spending went up by 16 percent annually in 2024 to $157 million.
In an investor presentation, Aselsan said it expected a revenue growth of more than 10 percent in 2025, while its EBITDA margin forecast is over 23 percent.
The company’s investments will be more than 20 billion liras this year, according to the presentation.
Aselsan is the largest defense company listed in Borsa Istanbul. The Turkish Armed Forces Foundation owns 74.2 percent of Aselsan, while 25.8 percent of its shares are traded on the stock exchange.
