ASELSAN Hits a Record High Backlog
ASELSAN reported first quarter financials of 2024. Accordingly, net sales grew by 5% compared to the first quarter of 2023 and reached 15.1 Billion TL. Backlog increased to 11.1 Billion USD, breaking a historical record.
ASELSAN, Türkiye’s leading defence company, announced financial and operational results for the first quarter of the year. Quarterly sales revenue increased by 5% annually to 15.1 Billion TL, while gross profit increased to 4.4 Billion TL with a 3% growth compared to the same period last year. The backlog has reached a historical record level of 11.1 Billion USD.
EBITDA rose by 3%, reaching 3.4 Billion TL, with an EBITDA margin of 22%. ASELSAN’s equity to assets ratio remained robust at 63%. Evaluating the financial results of the first quarter of 2024, ASELSAN CEO Ahmet Akyol said: “As ASELSAN, we made a strong start to 2024 in line with our export-oriented growth strategy. We made a great contribution to both our national defence ecosystem and our economy in the first quarter. We reached the highest backlog figure in our history. We left behind a productive period in which we have accomplished firsts in terms of Türkiye’s technological independence.
Within the scope of the Project of Adding Additional Capabilities to Tanks, we equipped our M60T tanks with ASELSAN’s advanced technology. We witnessed Türkiye’s first national combat aircraft KAAN, powered by our superior avionics systems, made his first flight. We introduced the Low Frequency Active Sonar System (DÜFAS), our country’s first national anti-submarine warfare sonar, to our navy. We have successfully completed the first diving tests of the Autonomous Underwater Vehicle DERİNGÖZ, which will create a huge force multiplier for our dominance in the seas. Recently, we added MARLİN Unmanned Marine Vehicle and YENER Mine Detection System to the inventory. We integrated our MURAD Aircraft Nose Radar into the F-16 platform and started test flights. We signed the first export contract for our TOLUN Guided Munition. We made the first export of the ASELFLIR-500 EO Reconnaissance, Surveillance and Targeting System, which provides higher performance than its equivalents, at the beginning of the year. We delivered the Portable Early Warning Radar System (ALP 300-G), which is the longest-range radar of our country. In addition, we have presented game-changing systems to our country in the civilian field as well. In this context, we developed Mobile X-Ray Device (ADR-M100) for our clients.
In summary, we have implemented projects that are of critical importance for the security of our country. We have three main visions:
• To produce the world’s best products in their fields,
• To develop game-changing technologies, • To grow with an export focus.
Today, we reinforce ASELSAN’s trust with more than 500 products used in Türkiye and around the Globe. Thanks to these efforts, we have become a global company with a presence in a wide geography from Malaysia to Chile, from South Africa to Kazakhstan. We will continue to work with great synergy and increase our strategic collaborations for a brighter future.
We have created roadmaps that we will follow until 2030 in our products and technologies. We initiated four major investments exceeding 400 Million USD to increase our mass production capacity and capabilities. Our primary goal is to make ASELSAN one of the top 30 defence industry companies in the world. We will achieve this goal with our state-of-the-art technology, highest quality and efficient production, and exponential export growth.”