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ASELSAN reaches the highest revenue and profitability of all time

ASELSAN reaches the highest revenue and profitability of all time

2020 year-end financial results of ASELSAN have been announced. The company's revenues grew by 24% in 2020 compared to the previous year and exceeded 16 billion TL, according to ASELSAN's latest statement.


ASELSAN, the world's 48th largest defense company with its sales and production network spanning over 12 countries in 3 continents, completed 2020 with record results. The company's consolidated net sales increased by 24% compared to the previous year and exceeded 16 billion TL.

The company's Earnings Before Interests, Taxes, Depreciation and Amortization (EBITDA) increased by 38% to its all time high of 4 Billion TL. The EBITDA margin exceeded expectations and reached its highest level in the history of the company with 24.4%.

The acceleration in exports by ASELSAN continued in 2020, when mobility between countries completely stopped due to the pandemic. In 2020, for a total amount of $446 million, the company signed contracts with 6 new countries and added to Turkey's export value .

The export backlog hit its historical high by reaching the $1 trillion threshold, with the contribution of new orders earned from abroad. The estimated backlog is $9.5 trillion.

"Being aware of the responsibility we bear for our country, in 2020, when the negative effects of the pandemic are felt in every field, our motto was 'ASELSAN does not stop, cannot stop!' and we did not stop our activities for a single day. We have implemented a very effective decision mechanism within ASELSAN since the first effects of the pandemic began to appear," said ASELSAN Chairman, President and CEO Prof. Dr. Haluk Görgün.

"In 2020, ASELSAN continued its activities in the field of technology and R&D by making R&D expenditures of 3.3 Billion TL. We mobilized all our financial and operational resources to ensure that more than 4 thousand suppliers, who provide products and services to ASELSAN, are not adversely affected by the pandemic. Our high revenue and profitability figures by the end of 2020 are the result of these management strategies that we have implemented with the awareness of being a family," Görgün added.

Prof. Dr. Haluk GÖRGÜN also stated that in 2020 they worked with an understanding that prioritized the financial needs of not only ASELSAN and its affiliates, but also more than 4 thousand suppliers. Prof. Dr. GÖRGÜN said that they had reduced the liquidity pressure caused by the pandemic in the ecosystem by paying out more than 12 billion TL to their business partners last year. The share of local companies in ASELSAN's total procurement increased to 73% in 2020. The Company’s cash level by the year end stood at 4 billion TL.

"ASELSAN, together with the members of the consortium it cooperates with, produced more than 20,000 ventilators in a very short time and provided a very important support to our health community in the fight against Covid-19. Our ventilators were made available to our friend and brother countries under the coordination of Turkish Government. As ASELSAN, our goal is to reduce our country's dependence on imports by producing high- standard technological products and services in all areas we operate. With its experience of more than 45 years, high engineering skills and financial strength, ASELSAN is able to achieve these goals," Güngör ended his words in the statement.

Maritime Business World 

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