Energy companies top Fortune 500 Turkey list

Energy companies top Fortune 500 Turkey list

Energy companies top Fortune 500 Turkey list

Energy giants topped Turkey’s Fortune 500 list with oil refinery Tüpraş, owned by Koç Holding, being the champion with a net sales revenue of 53.9 billion Turkish Liras ($14.8 billion) in 2017.

According to the list, which was released on July 2, EPİAŞ, also known as the Energy Exchange Istanbul (EXIST), came in second place with a net sales revenue of 41.2 billion liras ($11.3 billion). It was followed by fuel oil distribution and lubricants company Petrol Ofisi with 40.8 billion liras ($11.2 billion) in net sales.

Turkish Airlines ranked fourth on the list with 39.7 billion liras ($8.6 billion).

Two other energy companies, Turkey’s gas grid Botaş and Opet Petroleum, ranked fourth and fifth in the list, respectively, with 33.5 billion liras ($9.2 billion) and 28.3 billion liras ($7.7 billion) in net sales revenue.

Ford-Otosan, a joint venture between Ford Motor Co. and Turkey’s Koç Holding, ranked seventh on the list with 25.3 billion liras ($6.9 billion) in net sale revenues.

BİM discount supermarkets and Arçelik, another Koç Holding company, followed them with 24.8 billion liras ($6.8 billion) and 20.8 billion liras ($5.7 billion), respectively.

Shell & Turcas, another energy company, ranked 10th on the list with a revenue of 19.6 billion liras ($5.4 billion).

The list revealed that the total net sales of Turkey’s top 500 companies rose 29.5 percent year-on-year to hit 1.2 trillion liras ($330.3 billion) in 2017.

Their net profits also surged by 52.3 percent during the same period.

Exports of the leading 500 Turkish companies totaled 286.5 billion liras ($78.7 billion), up almost 30 percent compared to previous years.

In 2017, Turkish Airlines became the top exporter with 34 billion liras ($9.3 billion) in service exports, followed by Ford Otosan and Arçelik with 17.8 billion liras ($4.9 billion) and 15.4 billion liras ($4.2 billion), respectively.

The list includes publicly and privately held companies for which revenues are publicly available. The list is based on the Central Bank’s 2017 average dollar-lira parity at 3.64.

Turkish economy,