Turkey’s Otokar records 53% revenue hike in Jan-Sept

Automotive and defense company Otokar recorded 53% year-on-year revenue growth in the first nine months of 2021, the company announced Tuesday.

The company’s third quarter-end revenues totaled 2.7 billion Turkish lira (some $335 million).*

Exports of Otokar, Turkey’s leading business group Koc’s company, hit $224 million with a 41% hike while its net profit amounted to 516.4 million Turkish lira (nearly $65 million)* in the same period. 

The company noted that it continues to operate in over 60 countries on five continents with products with owned intellectual property rights.

Otokar general manager Serdar Gorguc defined the company’s nine-month financial performance as successful “despite the prolonged impact of the pandemic” and released the following statement:

“We delivered 364 buses to Izmir ESHOT, completing a huge order in as short as seven months. In addition to the public transportation buses of Izmir, we also delivered the CNG-powered buses that we manufactured for Ukraine. In the meantime, production and deliveries of the armored vehicle orders in the defense industry also continued. Along with the demo tour of our electric bus in Europe, our R&D work on autonomous buses and remote-controlled military vehicles is ongoing at full steam. For the near future, our focus will be on the tenders we won from Ankara, Istanbul, Slovakia, and Jordan and orders received from different geographies as we maintain our growth.”

Established in 1963, the company has been providing solutions special to the needs of the customers with its own technology, design, and applications. It is operating with 2,230 employees at the factory built on a land of 552,000 m2 in Turkey’s Sakarya province. 

Otokar has been manufacturing buses for public transportation, lightweight trucks for the transportation and logistics industry, and tracked armored vehicles and tactical armored vehicles for the defense industry.


* The nine-month average U.S. dollar/Turkish lira exchange rate was 8.08 this year.

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