Aselsan reports 110M dollar net profit for Q1

Turkish defense giant Aselsan on Tuesday reported TL 1.7 billion ($110 million) in net profit for the first quarter of 2022, surpassing market expectations.

The company made the related statement to the Public Disclosure Platform (KAP) and said its net profit for the three-month period surged by 36% compared to the same period last year. It reported a net profit of TL 1.2 billion for the January-March period of 2021.

While the defense company made sales worth TL 4.3 billion in the first quarter of the year, some TL 3.7 billion consisted of domestic sales.

Aselsan’s three-month turnover increased by 38% compared to the same period of the previous year and reached TL 4.4 billion.

Aselsan’s Profit Before Interest, Depreciation and Taxes (EBITDA) increased by 36% year over year to TL 1.3 billion and its EBITDA margin was 24%. The company’s newly purchased contracts amounted to $180 million and balance orders amounted to $8.3 billion.

The company continued to maintain its strong equity structure, and the ratio of equity to assets was 56%.

The company also reported its 2022 year-end forecasts as a net sales of over 25%, EBITDA margin of over 22% and investment expenditure of TL 5 billion.

Aselsan Chairperson of the Board and General Manager Haluk Görgün, who commented on the figures, said they successfully completed the domestic production of 47 new products normally purchased abroad in this three-month period, thus increasing the number of products nationalized in the last three years to over 554 and ensuring that a cost close to $243 million remained in the country.