Turkish defense giant ASELSAN’s Q1 turnover up 5%

ASELSAN, one of Türkiye's premier defense industry companies, demonstrated robust growth in its first-quarter 2024 turnover, marking a 5% increase compared to the corresponding period last year, totaling TL 15.1 billion.

Concurrently, its backlog of orders surged to $11.1 billion.

Despite economic challenges, ASELSAN's gross profit saw a commendable 3% uptick from the previous year.

Moreover, its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by 3% compared to the first quarter of 2023, reaching TL 3.4 billion. With an EBITDA margin of 22%, ASELSAN achieved a net profit of TL 1.2 billion. The company's equity-to-assets ratio stood at 63%.

Notably, ASELSAN's outstanding orders, amounting to $11.1 billion, marked a historic milestone, underscoring its position as a leader in the defense industry.

Commenting on the 2024 first quarter financial results, Ahmet Akyol, General Manager of ASELSAN, said as ASELSAN, they made a fast start to 2024 in line with the company’s export-oriented growth strategy.

“In the first quarter, we made a great contribution to both the national defense ecosystem and our economy. We reached the highest balance order figure in our history. Thus, we left behind a productive period in which we experienced firsts in terms of Türkiye's technological independence,” he said.

Akyol said with the dozens of technologies ASELSAN developed for Türkiye, they “ensured that our nation can look to the future with confidence.”


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