Aselsan

History

2022:75% increase in annual revenue to $1.9 billion

In 2022, the revenue of Aselsan, Turkey's largest defense company, increased by 75% compared to 2021 and reached $1.9 billion. This was announced in early March 2023 by the Defense Industry Administration under the Turkish Presidential Administration.

The state-owned company Aselsan, specializing in military electronics, is listed on the stock exchange in Istanbul and is the 49th largest defense company in the world, Defense News notes. In 2022, Aselsan's pre-tax profit from depreciation and interest amounted to $5 billion, which is 77% more than in 2021. Net profit in 2022 increased by 70% to $581 million.

Aselsan boosts annual revenue by 75%

In a statement, Aselsan said its export orders in 2022 totaled $1 billion. The company added that in 2022, Aselsan did business in three new export markets, although it declined to name them for Defense News. The company said the number of export customers reached 81. Aselsan representatives said that the company's purchases from local industrial subcontractors in 2022 amounted to $1.2 billion, which is 70% of Aselsan's annual purchases from all sources.

Aselsan also said it had successfully "localized" a total of 160 systems in fiscal 2022, meaning its own production of technology that Turkey had previously imported. In the entire history of Aselsan, 670 systems have been "localized."

According to Turkish media, in accordance with Turkey's 11th development plan for the period from 2019 to 2023, the country seeks to localize 75% of equipment purchases and ensure an industrial turnover of $26.9 billion. Minimizing external dependency at the system, subsystem and component level will be a key element in ensuring the implementation of these plans. If in 2021 the cost of one kg of military products was $48.4, then in 2022 this figure increased to $55.9.^[1]

Notes