Aselsan’s Q1 revenue increases by 5%, reaching record order backlog

Aselsan, one of Türkiye’s leading defense industry companies, reported a 5% increase in revenue for the first quarter of 2024 compared to the same period last year, reaching ₺15.1 billion. The company’s order backlog hit a record $11.1 billion.

Aselsan’s Q1 2024 financial results, adjusted for inflation accounting, showed a 3% increase in gross profit and a 3% rise in the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) compared to the same period in 2023, amounting to ₺3.4 billion with an EBITDA margin of 22%.

The net profit stood at ₺1.2 billion.

The company’s equity-to-asset ratio was 63% while Aselsan’s record-high order backlog of $11.1 billion marks a significant milestone.

According to Forteks, Aselsan CEO Ahmet Akyol said: “We have made a strong start to 2024 with our export-focused growth strategy. We significantly contributed to the national defense ecosystem and our economy in the first quarter. We achieved the highest order backlog in history, marking a productive period for Türkiye’s technological independence.”

Akyol highlighted several vital projects such as 60T tanks with Aselsan’s advanced technology as part of the Tank Enhancement Project.

“We supported the maiden flight of the KAAN with our superior avionics systems. We delivered our navy’s first indigenous submarine warfare sonar, the Low-Frequency Active Sonar System. We successfully completed the first diving tests of the Deringoz Autonomous Underwater Vehicle, enhancing our maritime dominance,” he said.

“In recent times, we have added the MARLIN Unmanned Surface Vessel and YENER Mine Detection System to the inventory. We integrated the MURAD Aircraft Nose Radar into the F-16 platform and began test flights. We signed the first export contract for our TOLUN Guided Munition and completed the initial export of the ASELFLIR-500 EO Reconnaissance, Surveillance and Targeting System, which offers superior performance compared to its counterparts,” Akyol added.