Energy firm EXIST clinches top spot on Fortune's Turkish 500 list

By Tuba Ongun

Turkish energy firm Energy Exchange Istanbul (EXIST) held onto the top spot on Fortune magazine’s top 500 Turkish companies list in terms of net sales.

EXIST's sales last year totaled 839 billion Turkish liras ($36.1 billion), up 4.9% at an annualized pace, according to a statement issued by the magazine on Monday.

Energy firm TUPRAS, also keeping its place at number two on the list, saw 686.5 billion liras ($29.6 billion) in sales last year, jumping 42% from a year earlier.

National flag carrier Turkish Airlines followed with 504 billion liras of sales in 2023, a 62% year-on-year surge.

The average US dollar/Turkish lira exchange rate last year was 23.2.

- Total sales

Rounding out the top 10 on the list were jewelry firm Ahlatci, carmaker Ford, oil provider Petrol Ofisi ($6.22 billion), discount retailer BIM, oil provider Opet, major appliances producer Arcelik, and oil provider Shell.

Total net sales of the top 500 companies in 2023 surged 60.6% from the prior year to 12.8 trillion Turkish liras ($552 billion).