Turkish defence giant Aselsan hits $417.2 million profit, expands global client base

Aselsan, Türkiye’s leading defence and technology company, reported a net profit of TL 15.2 billion ($417.2 million) for 2024, driven by a surge in international contracts and strong exports.

The company’s total contracts reached $6.5 billion in 2024, reflecting a 32% year-over-year increase, while its outstanding orders rose 38% to $14 billion, according to the company’s financial statement, Caliber.Az reports quoting data from Turkish media.

Exports were a key driver of growth, increasing by 67% to $508 million, while Aselsan’s net profit margin improved from 10% to 13%. International contracts surged by 70% annually, reaching a historic $1.1 billion, the highest figure in the company’s history.

Aselsan also saw a significant increase in its client base, with domestic clients rising from 180 to 394 and international clients growing from 47 to 76 compared to 2020. In 2024, the company signed export contracts with seven new countries and introduced 31 new products to international markets for the first time.

In the first quarter, Aselsan signed a contract with an international client for intelligent transport systems, while also exporting guidance kits and airborne electro-optical systems. It supplied on-vehicle signalling equipment to the Turkish State Railways (TCDD) and secured contracts with the Turkish National Defence Ministry for smart ammunition and with the Presidency of Defense Industries (SSB) for close air defence systems.

The second quarter saw Aselsan deliver defence systems to Asia and the Middle East, satellite payloads to Turkish Aerospace Industries (TAI), ship combat systems for the National Ship Project (MILGEM), and urban security systems for government agencies. In the third quarter, the company provided systems for land and naval platforms to Asia-Pacific clients and signed contracts for air defence payloads and naval platforms.

In the final quarter of 2024, Aselsan exported land weapon systems to the European Union and radar and electro-optical payloads to a European platform manufacturer. It also signed deals with Turkish defence firms Baykar and Havelsan for radar, IFF systems, and other defence technologies for clients in Asia and Africa.

By Tamilla Hasanova