ASELSAN’s turnover in the first 3 months of this year grew by 30 percent compared to the same period of 2019, reaching 2.6 billion TL.
ASELSAN’s first quarter financial results of this year have been announced.
The company maintained its growth trend in turnover in the first quarter of this year. ASELSAN’s 3-month turnover increased by 30 percent compared to the same period last year, reaching 2.6 billion TL.
The first quarter of the year was a period in which ASELSAN’s improvement in profitability indicators exceeded the growth in turnover. While the company’s gross profit increased by 61 percent compared to the first quarter of last year, its profit before interest, depreciation and tax (EBITDA) increased by 57 percent compared to the same period last year, reaching 621 million TL. EBITDA margin stood at 23.9 percent, exceeding the 20-22 percent range that was shared by the company for the end of the year.
ASELSAN’s net profit increased by 46 percent compared to the same period last year, reaching 920 million TL.
In 2020, ASELSAN continued to add new products to its products in both defense and non-defense fields and receive new orders within this framework. The amount of orders received in the first quarter of 2020 was 350 million dollars, and the total of the remaining orders was 9.7 billion dollars.
“We work by considering the entire ecosystem”
ASELSAN Chairman of the Board and General Manager Prof. Dr. In his evaluation of the company’s first quarter financial results, Haluk Görgün stated that they completed the first quarter of 2020, when the whole world was going through a difficult process, with strong turnover and profitability rates, and said:
“Our equity capital, which reached 14.5 billion TL as of the end of the first quarter of 2020, constitutes 55 percent of our balance sheet. Our equity capital is at a very strong level compared to both similar companies operating in the international arena and many industrial companies in our country. As ASELSAN, we use our equity capital as effective working capital. We make our profitability sustainable by supporting it with cash management strategies. In this way, we have maintained both our growth and profitability in the last few years, which have been financially challenging for many sectors all over the world, and we have managed to keep our debt ratios at the lowest levels.
We have full confidence that we will achieve our company’s financials predictions for the end of 2020, an increase in turnover of 40-50 percent and an EBITDA margin of 20-22 percent. Since the beginning of 2020, we have taken every step that can be taken to financially support our stakeholders and suppliers. In this context, we have contributed to the continuity of our suppliers by paying nearly 5 billion TL to our suppliers to date. “As ASELSAN, we realized the initiatives we took during this difficult period by keeping our net cash position positive as of the end of the first quarter of the year.”
ASELSAN is ready for after the pandemic
Görgün stated that they took all necessary precautions during the crisis period for the continuity and sustainability of production and design in all areas of activity of strategic importance and said, “We have successfully managed this process in accordance with the quick and early decisions and guidance given by our Presidency, our Ministry of Health and other institutions. Our State’s “Thanks to the devoted and uninterrupted work of the supply authorities, we maintained the stable course of our remaining orders by receiving as many new orders as the sales we made in the first quarter of the year.” he said.
Görgün stated that they are growing day by day with the experience they have accumulated over 45 years in the field of defense electronics and made the following evaluations:
“Achieving this growth with healthy profitability enables us to increase our contributions to the Turkish defense industry day by day and to transfer this experience to non-defense areas such as health, energy and finance. We are working with all our strength to reduce our country’s dependence on abroad in every field that our competencies allow.
These difficult days we are in have revealed how important it is for both countries and companies to be self-sufficient. During this period, we also accelerated our nationalization efforts. As the public follows closely, we will soon offer many of our designs that we will turn into products, especially in the field of health, to the service of our people. As ASELSAN, we continue our path with the mission of adding more value to our country and being a company that creates trust around the world and responds to the needs of allied countries in defense and non-defense fields.”
Source: https://www.aa.com.tr/tr/ekonomi/aselsan-ilk-ceyregi-guclu-buyume-ile-tamamladi/1862643
