Turkey, Economy

Turkish defense giant Aselsan makes Q1 profits of $147M

Company's net profit increases by 34% y-o-y in 1st quarter of 2021 as it continues to grow

Aysu Bicer   | 28.04.2021
Turkish defense giant Aselsan makes Q1 profits of $147M

ANKARA

Turkey's leading defense firm Aselsan made 1.2 billion Turkish lira ($147 million) in profits in the first quarter of the year, 34% more compared to the same period of 2020.

"We experienced a significant acceleration in our growth and profitability indicators in the first quarter of 2021," Haluk Gorgun, the CEO of Aselsan said in a written statement.

The company enjoyed stable growth and high profitability in this period despite the global economic contraction during the novel coronavirus pandemic, said Gorgun.

He underlined that attempted direct and indirect embargoes on Turkey have "once again revealed the importance of self-sufficiency in defense."

In his statement, Gorgun added that the introduction of the CATS Electro-Optical Reconnaissance, Surveillance and Targeting System developed and produced by the company was the most recent example of "the struggle for independence" in defense industry "that we have been continuing for more than 45 years."

He also said Aselsan was structured to follow developments in financial technologies and evaluate business development opportunities in this field, taking into account the rapid changes in the financial sector.

"With our strong financial structure and experience, we aim to be an important technology provider in the field of financial technologies."

He also touched on the company's efforts in the medical devices sector.

"In the first quarter of 2021, Aselsan exported an Automatic External Defibrillator device, that performs critical intervention in sudden cardiac arrest, to France and Italy."

Aselsan's three-month turnover grew by 22% compared to the same period of the previous year and reached 3.2 billion Turkish liras, while the company's gross profit increased by 24% compared to the first quarter of last year.

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