Aselsan reports record results

17 February 2020

Turkish defence company Aselsan has reported record results for 2019 with earnings and sales up more than 40% over the prior year.

Aselsan – a developer of electronic systems for military and security applications – revealed that revenue increased 44% to pass TRY13 billion (USD2.1 billion). Net earnings increased 45% to TRY3.4 billion.

2019 also marked a successful year for Aselsan’s exports, which the company said reached TRY2 billion, a new high and a 50% increase over the previous year.

The company’s earnings before interest, deductions, and amortisation (EBITDA) grew by 21.9% and exceeded the 19-21% range that was predicted for the close of 2019.

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