By Azernews

By Vugar Khalilov

The volume of ASELSAN’s (Turkish Defense Corporation) turnover increased year-on-year by 33 percent in the first half of 2021, reaching 7 billion TL (800 million dollars), Turkish media reported on August 11.

The corporation’s gross profit also increased by 66 percent in the first half of last year.

According to the report, earnings before interest, taxes, depreciation and amortization (EBITDA) of the company has increased by 49 percent compared to the same period of the previous year and amounted to 1.9 billion TL (219m USD).

ASELSAN's net profit, with an EBITDA margin of 27.3 percent, increased by 37 percent compared to the same period of 2020 and amounted to 2.5 billion TL (288m USD). The company's equity-to-assets ratio constituted 57 percent, the report concluded.

Founded by the Turkish Army Foundation in 1975, ASELSAN is a Turkish defense corporation headquartered in Ankara, Turkey. The company is mainly involved in research, development and manufacture of advanced military products for air, land and maritime forces. ASELSAN has been ranked by the Defense News magazine as the 48th largest defense company in terms of revenues.