By Zeynep Duyar and Emir Yildirim
ANKARA (AA) – Turkish defense firm Aselsan racked up net profits of $417.2 million in 2024 thanks to record-breaking international contracts worth over $1 billion.
Aselsan’s contracts last year totaled $6.5 billion, up 32% year-on-year, while its outstanding orders climbed 38% to $14 billion, according to the firm’s balance sheet compiled by Anadolu.
The firm’s exports soared 67% on an annual basis to $508 million in 2024, while its net profit margin rose from 10% to 13%.
In 2024, Aselsan’s international contracts rose 70% year-on-year, reaching $1.1 billion, the highest level in the company’s history.
Compared to 2020, the number of the firm’s domestic clients climbed from 180 to 394 and its international clients rose from 47 to 76.
-Contracts with Turkish and foreign buyers
Last year, Aselsan signed export contracts with seven new countries and contracts for the sale of 31 of its products for the first time.
The new products strengthened the firm’s relations with Turkish platform makers and led to new export contracts with six foreign platform manufacturers for the first time.
In the first quarter of last year, Aselsan signed a contract with an international client for intelligent transport systems.
The defense firm exported guidance kits and airborne electro-optical systems to international end-users, while supplying on-vehicle signaling equipment for the Turkish State Railways (TCDD).
Aselsan also signed deals with the Turkish National Defense Ministry to supply smart ammunition to the Turkish Armed Forces, as well as a deal with Türkiye’s Defense Industries Secretariat for close air defense systems.
In the second quarter of 2024, Aselsan signed contracts to supply defense systems to Asia and the Middle East, satellite payloads to the Turkish Aerospace Industries (TAI), ship combat systems and payloads for Türkiye’s National Ship Project (MILGEM), and urban security systems to the secretariat.
The firm supplied various systems for land and naval platforms to its clients in the Asia-Pacific region in the third quarter, while signing agreements with other international customers for air defense payloads and naval platforms.
It also signed contracts with the secretariat for electronic warfare systems and with Turkish defense firm Roketsan for air defense missile subsystems.
In the last quarter of 2024, Aselsan inked deals to export land weapons systems to a client in the EU and payloads of radar and electro-optical systems with a European platform manufacturer.
Aselsan signed a deal with Turkish defense contractor Baykar for payloads including identification friend or foe (IFF), satellite communication, radio, guidance, and airborne electro-optical systems for Asian and African clients.
It also signed with defense firm Havelsan to export radar and IFF systems for an Asia-Pacific country and it worked with STM Defense for a similar export deal to the same region.
Aselsan worked with TAI to develop and procure avionics, communications, radar, electro-optics, electronic warfare, navigation, and guidance systems for aircraft payloads.