Wed Sep 11 09:39:42 UTC 2024: ## Turkish Defense Giant Aselsan Reports Record Profits and Growth
**Ankara, Turkey** – Turkish defense company Aselsan has announced record profits and growth for the first half of 2024, highlighting its rising global influence. The company reported a net income of 3.6 billion Turkish Liras ($106 million), a staggering 133% increase compared to the same period last year.
Aselsan’s success is driven by strong domestic and international demand. New contracts signed surged 124% year-on-year, reaching $2.6 billion. This impressive growth has propelled the company’s backlog to $12.3 billion, an 11% increase from the end of 2023. Notably, international contracts secured during the first six months totaled $365 million.
The company’s overall turnover reached 35.7 billion Liras in the January-July period, marking an 8% annual increase. Domestic sales contributed 30.9 billion Liras, while exports accounted for 4.8 billion Liras.
Aselsan’s robust financial performance is also reflected in its earnings before interest, taxes, depreciation, and amortization (EBITDA), which increased 9% year-on-year to 8.7 billion Liras, translating to a 24% EBITDA margin.
“Our financial results show that we have become a world power in technology with our reliable products and systems,” commented Ahmet Akyol, Aselsan CEO.
The company’s global reach is expanding rapidly. Aselsan recently opened offices in South America, the Balkans, and the Gulf region, aiming to further strengthen its export network.
Akyol emphasized Aselsan’s impressive ranking within the global defense industry. The company placed 47th on the Defense News Top 100 list in 2023, moving up five spots to 42nd this year.
Aselsan is currently one of the top 10 companies on the BIST, Turkey’s main stock exchange, with a market capitalization of $8.2 billion. The company’s continued growth and expansion position it as a major player in the global defense market, further strengthening Turkey’s technological prowess.
First Piper 