Turkey’s defense giant increases net profit by 126 percent
ANKARAASELSAN, a leading Turkish defense systems producer, said on Nov. 8 that its third quarter net profit increased by 126 percent over the same period last year, state-run Anadolu Agency has reported.
The company earned a profit of 153.2 million Turkish Liras ($48.3 million) in the third quarter of 2016, according to a statement to Borsa Istanbul, Turkey’s stock exchange.
The company’s revenue also increased to 734.9 million liras ($232 million) from 536.5 million liras in 2015.
ASELSAN is ranked 58th on a list of the world’s top 100 defense giants in 2016, compiled by the prestigious U.S. weekly, Defense News.
ASELSAN first entered the list in 2006, when it ranked 93rd. It has risen in the list ever since and has brought in $1 billion in revenue over the past year.
Turkey’s defense industry has gained momentum in recent years with the expansion of local producers and domestic firms introducing new products to the market, contributing to Ankara’s goal of relying more on domestic sources than imported products in military equipment.