Defense company Aselsan seals deal worth $108 million
ISTANBUL
Aselsan, Türkiye’s leading defense company, has secured a $107.5 million deal with the Secretariat of Defense Industries (SSB) for the procurement of advanced new-generation radar systems.
Under the agreement, deliveries will take place between 2026-30, Aselsan said in a filing with the stock exchange.
Earlier this month, Aselsan inked another agreement worth $54 million with the SSB for new-generation electronic warfare systems with deliveries scheduled for 2028.
In February, the company said in its guidance for 2025 that it expected a growth of more than 10 percent in its consolidated revenue and an EBITDA increase of over 25 percent.
Aselsan plans to make capital investments worth 20 billion Turkish Liras this year.
The company’s net sales surged 13 percent last year from 2023 to 120.2 billion liras, with net profit rising 45 percent to 15.3 billion liras.
The net profit margin was 13 percent in 2024, up from 10 percent in 2023.
EBITDA was 30.2 billion liras, pointing to a 31 percent annual increase, while the EBITDA margin improved from 22 percent in 2023 to 25 percent in 2024.
The Turkish Armed Forces Foundation owns 74.2 percent of Aselsan, while 25.8 percent of shares are traded on the stock exchange.
