Turkey’s Aselsan reports 75% rise in revenue for 2022

Turkey’s largest defense company saw a 75% increase in revenue in 2022 from the year prior, Aselsan announced Tuesday.

The state-controlled military electronics specialist is listed on the Istanbul stock exchange, and is the 49th largest defense company in the world, per the Defense News Top 100 list.

The company said its total sales that year reached 35.3 billion liras (U.S. $1.9 billion), and that its pre-tax depreciation and interest profit was 9.5 billion liras, a 77% rise from 2021.

Its net profit in 2022 rose by 70% to 11.9 billion liras.

In a statement, Aselsan said its export orders in 2022 were worth a total of $1 billion. The company added that it did business last year in three new export markets, although it declined to identify them for Defense News. It said the number of export customers has now reached 81.

The company said its procurement from local industry subcontractors last year amounted to 23.4 billion liras, which accounts for 70% of Aselsan’s annual procurement from all sources.

The Turkish firm also said that, during financial year 2022, it successfully “localized/nationalized” a total of 160 systems, meaning the business indigenously produced technology that the country was previously importing. Overall, the company boasts to have done so for a total of 670 systems.