Energy firm becomes fastest grower in Turkey

ISTANBUL

Kahramanmaraş-based Maren Maraş Elektrik in southern Turkey has been named the fastest growing company in Turkey with a growth rate of 8,754 percent between 2011 and 2013 in a national ranking made by the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

The company, owned by Kipaş Holding, mainly focuses on geothermal energy.

Information and technology company Karbil Yazılım, which increased its sales revenues by 2,501 percent, became the second fastest growing company, and Emza Energy was third with a 2,361 percent increase in revenue on the list, which was prepared in cooperation with the Economic Policy Research Foundation of Turkey (TEPAV) and AllWorld Network. 

Some 45 of the 100 fastest growing companies in the country were based in Istanbul, 12 in the capital city of Ankara and seven both in the northwestern province of Kocaeli and the Aegean province of İzmir. They were followed by Kahramanmaraş with five companies on the list. 

Speaking at the award ceremony, TOBB President Rifat Hisarcıklıoğlu said the total revenue of the 100 companies was $2.7 billion with an average annual growth rate at 358 percent, almost 15-fold the country’s growth rate.       

Noting only eight companies were founded by women entrepreneurs, Hisarcıklıoğlu said, “This number is not enough, we need to increase it.”

He also addressed the recent attacks in the country against Turkish security personnel and underlined the role of the economy in the fight against terrorism.