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TÜPRAŞ Tops Türkiye’s 500 Largest Industrial Companies in 2024

Tüpraş

The Istanbul Chamber of Industry (ISO) has released the 2024 edition of its “Türkiye’s 500 Largest Industrial Enterprises” report, marking the 57th edition of the country’s most comprehensive industrial performance index. The results were announced in a press conference held at Odakule Fazıl Zobu Assembly Hall, hosted by ISO Chairman Erdal Bahçıvan alongside Deputy Chairmen İrfan Özhamaratlı and Cemal Keleş.

TÜPRAŞ Maintains Top Spot, No Change in Top Three

TÜPRAŞ once again led the rankings, achieving ₺651.6 billion in production-based sales, continuing its longstanding dominance in Türkiye’s industrial sector. Ford Otomotiv Sanayi A.Ş. retained second place with ₺356 billion, followed by Star Rafineri A.Ş. in third with ₺201.6 billion.

Notably, Iskenderun Demir Çelik and Hyundai Motor Türkiye Otomotiv entered the top 10 this year, replacing two previous top-10 companies from 2023. However, the top three rankings remained unchanged compared to the previous year.

Three Alarming Indicators in 2024 Results

ISO Chairman Erdal Bahçıvan emphasized that 2024 marked one of the toughest years in recent history for Turkish industry. He pointed to three critical issues revealed by the ISO 500 data:

  1. Real production-based net sales have declined for the third consecutive year.

  2. A record share of industrial profits has been consumed by financing costs:

    “This year, many manufacturers spent almost all of their profits on financial expenses,” Bahçıvan said.

  3. Profitability ratios have sharply deteriorated:

    • Operating profit margin dropped from a 10-year average of 10.4% to 6.2%

    • Net profit margin fell from a 10-year average of 7.1% to 2.6%

Industry Registers Near-Zero Growth

Despite making significant sacrifices under Türkiye’s Medium-Term Program (OVP), the industrial sector ended 2024 without meaningful real growth.

“This stagnation must be acknowledged as a direct outcome of macroeconomic conditions,” said Bahçıvan.
“If the OVP is to succeed, the burden it places on the industrial sector must be transparently discussed.”

He reaffirmed ISO’s continued support for the OVP, while warning that deviation from its goals could erode business confidence.

2030 Strategy as a Guiding Vision

Bahçıvan also highlighted the urgency of reversing Türkiye’s drift away from production and reiterated the importance of the newly unveiled 2030 Industry and Technology Strategy, introduced by the Turkish Presidency.

Built on five key pillars—High Technology, Digital Economy, Green Transition, Global Integration, and Structural Transformation—the strategy is seen by ISO as a critical roadmap for ensuring sustainable industrial competitiveness and national security in a volatile geopolitical climate.

“We at ISO are prepared to align our strategic transformation efforts with the vision set forth in the 2030 strategy,” Bahçıvan stated.

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