2025 orders expected to surpass 2024 levels: Aselsan CEO Ahmet Akyol
The image shows Turkish defense giant Aselsan's logo displayed on a building. (AA Photo)
Aselsan’s CEO Ahmet Akyol, in an exclusive interview on CNBC-e, shared his insights on the company’s performance, future prospects and developments in the defense sector.
Akyol highlighted Aselsan’s successful growth trajectory, its focus on high-tech exports, and the continued expansion of its workforce, especially in engineering.
Strong export growth and international presence
Akyol emphasized Aselsan’s success in the global defense market, citing the company’s achievement of reaching $2,000 per kilogram in export value. “We are making significant strides in high technology, and our products are increasingly gaining traction in global markets,” Akyol said.
He noted that Türkiye has reached a point where it can now export complete platforms, marking a significant milestone for the country’s defense industry.
Aselsan’s export growth in defense technology has been substantial, with the company maintaining a consistent annual increase of around 20% in exports. Akyol expressed optimism about the company’s continued success, predicting that 2025 will bring even higher levels of orders compared to 2024.
Continued investment in growth and innovation
The CEO also highlighted the company’s ongoing investments in infrastructure and technology. “We are increasing our investment allocations, with about $250 million dedicated to research and development (R&D) each year,” Akyol explained.
He revealed that Aselsan is currently working on three new major facilities worth a combined total of $400 million, which will create around 1,000 new jobs.
“We are projecting to have 30% of our revenue coming from international markets by 2030,” Akyol said, underscoring Aselsan’s ambitious plans for global expansion.
The company has already outpaced the growth rate of the global defense industry, which grew by 4.2% last year, with Aselsan reporting a growth of 12%.
Record orders and profit forecasts for 2023
Aselsan has experienced a significant increase in orders this year. With contracts worth approximately $4.5 billion already secured, Akyol expects the company to finish 2023 with more than $5 billion in orders. Looking ahead, he is optimistic about the company’s prospects for 2025, stating, “We expect 2025 orders to surpass those of this year.”
Additionally, Akyol forecasted that Aselsan would close 2023 with a solid financial performance, projecting $300 million in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). “Despite the challenges posed by inflation, our business dynamics and high-value products allow us to continue thriving,” he added.
Workforce growth and engineering talent
In another significant development, Akyol discussed Aselsan’s increasing efforts to attract and retain top engineering talent. “In 2024, we reached a milestone where the number of engineers returning to Aselsan from abroad equaled those leaving,” he noted. Over the past 11 months, 980 engineers applied to return to Aselsan, and 73 were hired after meeting the company’s strict criteria.
“We are seeing a positive trend, and I believe that next year we will see more engineers returning to Aselsan,” Akyol said, highlighting the company’s strong commitment to fostering a skilled workforce and contributing to the country’s technological advancement.
