ASELSAN reports strong Q1 financial results

ASELSAN, a leading Turkish defense company, announced strong financial results for the first quarter of 2024. Quarterly revenues increased by 5 percent year-on-year to 15.1 billion liras ($542 million), while gross profit also saw a 3 percent increase compared to the same period last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 3 percent year-on-year, reaching 3.4 billion liras ($122 million), with an EBITDA margin of 22 percent. ASELSAN's equity to assets ratio remained robust at 63 percent.

Ahmet Akyol, general manager of ASELSAN, stated that the company has had a fast start to 2024, aligning with its export-oriented growth strategy.

Highlighting the company's contributions to both the national defense ecosystem and the economy, Akyol mentioned achieving the highest order balance in the company's history and experiencing breakthroughs in technological independence for Türkiye.

Akyol emphasized ASELSAN's three main visions as developing the world's best products in its field, producing groundbreaking technologies and growing in an export-oriented manner.

With over 500 products used domestically and internationally, ASELSAN aims to strengthen its global presence and reach, Akyol noted.

"Thanks to these efforts, we have become a global company with a presence in a wide geographical area from Malaysia to Chile, from Poland to the UAE," he said.

Looking toward the future, ASELSAN has created roadmaps for its products and technologies until 2030 and has initiated four major investments worth over $400 million to increase production capacity and capabilities, Akyol said.

"Our ultimate goal is to become one of the top 30 defense companies globally, leveraging our high...