Turkish Aselsan reports 133% increase in net profit for 1st half of 2024

Aselsan, one of Türkiye’s leading defense industry companies, announced a substantial financial performance for the first half of 2024. The company reported a net profit of ₺3.6 billion ($105 million), representing a 133% increase compared to the same period last year.

The company’s revenue also grew by 8%, reaching ₺35.7 billion.

According to the financial results disclosed to the Public Disclosure Platform (KAP), Aselsan maintained financial stability and achieved significant growth.

New contracts and strong order backlog

In the first half of 2024, Aselsan signed new contracts totaling $2.6 billion, marking a 124% increase compared to the same period last year. By the end of 2023, the company’s order backlog stood at $11 billion, which has now increased by 11% to $12.3 billion.

Aselsan’s EBITDA growth

Aselsan’s gross profit rose by 12% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 9%, reaching ₺8.7 billion. The EBITDA margin remained strong at 24%. Additionally, the company’s equity-to-assets ratio grew to 61%, reflecting its solid financial structure.

Aselsan CEO Ahmet Akyol: ‘Raising the bar for success’

Aselsan CEO Ahmet Akyol highlighted the company’s robust performance in the first half of 2024, stating, “With our high growth performance, we continue to raise the bar for success every day.”

He emphasized Aselsan’s transformation into a global defense company: “Our financial results demonstrate that we are becoming a world power in technology. By focusing on export-driven growth, we increased our revenue by 8% and our net profit by 133%. We preserved our strong financial structure in line with our goals to develop game-changing technologies.”

Aselsan’s key projects and achievements

In the first half of 2024, Aselsan delivered the “Portable Early Warning Radar System ALP 300-G” to Turkish security forces, becoming a company capable of producing radar across all frequency bands. The company also developed the AESA aircraft nose radar MURAD, set to meet Türkiye’s radar needs.

Akyol added, “With the inclusion of our AESA nose radar in the inventory, we will be able to meet all of our country’s radar needs. We have also made significant progress on critical projects such as the GOKSUR air defense system, and the integration of KORKUT air defense systems on 8×8 platforms.”

Other notable accomplishments include signing export contracts for eight Aselsan products, such as KORKUT, CENK, FERSAH, and GOZDE.

Global expansion and strategic vision

Akyol stated that Aselsan has made strides toward global recognition, moving up five spots to rank 42nd on the Defense News Top 100 list of the world’s largest defense companies. He noted, “We are now one of the top 10 fastest-growing defense companies globally.”

The CEO outlined Aselsan’s vision for 2030, aiming to be among the top 30 defense companies worldwide: “As part of our ‘aselsanext 2030 vision,’ we are working day and night to prepare Aselsan for the future. We aim to deepen our technological capabilities while expanding our export network in regions such as South America, the Balkans, and the Gulf.”

AESA’s vital capabilities for air vehicles

Aselsan’s cutting-edge AESA radars are expected to increase market share in air defense, naval platforms, and surveillance radar domains, making their capabilities vital for air vehicles.

It offers automatic recognition, multi-target tracking, ground mapping, distance measurement, automatic altitude determination, under-cloud surveillance with SAR, automatic target limitation with AI-supported algorithms, broadband radar spectrum monitoring, directional electronic jamming and enhanced ammunition guidance.

The F-16 OZGUR Project, a national initiative to modernize the Turkish Air Force’s F-16 Block 30 aircraft, continues to drive Türkiye’s advancements in defense technology.