Türkiye defence company Aselsan has reported a revenues of Tl120bn ($3.29bn) in 2024, reflecting a 13% growth rate compared to the previous year, marking a milestone as the company celebrates its 50th anniversary.
The growth was driven by deliveries across a variety of sectors including radar, electronic warfare, guidance, avionics, electro-optics, air defence, naval, and military communication systems.
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The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin rose from 22% to 25%, while its net profit margin improved from 10% to 13% in 2024.
The year was also marked by record contract signings, with Aselsan securing $6.5bn in new sales contracts, $1bn of which were with international partners.
This took the company’s total backlog to $14bn.
Through international collaborations, Aselsan recently revealed that it achieved more than $1bn in export contracts, representing a 70% annual growth rate.
The company’s direct exports witnessed a doubling, reaching $217m.
Aselsan expanded its product range by introducing 29 new products in 2024 as well as enhanced its customer portfolio.
The company was contracted with seven new countries for the first time, bringing the total number of countries relying on its technology to 92.
Additionally, 31 of its products were exported for the first time.
The company’s export volume for 2024 stood at $508m, marking a 67% increase from the previous year.
Aselsan president and CEO Ahmet Akyol said: “Last year, we expanded our global presence to 20 countries with six new offices. One of our key achievements, Aselflir-500, first rolled off the production line in February 2023 and exported to 16 countries within a year. In 2024, our 29 systems, including the key components of Steel Dome, such as SİPER and HİSAR air defence systems, AESA-based ALP 300-G, ALP 100-G radars; and our naval systems Marlin USV, Düfas low frequency towed active sonar system entered into the inventory. Our Tolun guided munition, capable of engaging eight targets in a single sortie, became operational in 2024.
“We ensured sustainability by reinforcing R&D and mass production infrastructure with strategic investments including our latest $40m Electro-Optic FLIR Production Facility and a $50m Radar Integration Center. As we proudly celebrate our 50th anniversary, we aim to sustain over 10% growth in 2025 with our young and talented work force. Looking ahead, we strongly believe that we will be among the world’s top 30 defence companies until 2030 by focusing on talent, processes, technology, production, and business development.”
