ISO announced the results of Turkey’s Top 500 Industrial Enterprises Survey. According to 2023 data, the largest company in terms of production-based sales was Tüpraş with sales of 484 billion TL. Ford Automotive ranked second with 238 billion TL and Star Refinery ranked third with 227 billion TL.
The 2023 results of the ‘Turkey’s Top 500 Industrial Enterprises Survey’ conducted by the Istanbul Chamber of Industry (ISO) were announced. According to the research, the largest organization in terms of production-based sales was Tüpraş with sales of TL 484 billion. Tüpraş was followed by Ford Otomotiv with sales of TL 238 billion and Star Refinery with sales of TL 227 billion.
Erdal Bahçıvan, Chairman of the ISO Board of Directors, stated that sales from production increased by 421 percent in 2023, reaching 6 trillion 375 billion liras. However, he said, this growth declined compared to the previous year due to weakening global demand, the earthquake disasters on February 6 and the change in economic policies after the elections.
ISO 500 exports down 29 percent
Bahçıvan said that the exports of the ISO 500 decreased by 29 percent to 951 billion dollars compared to 2022, while Turkey’s industrial exports decreased by 2 percent to 2.456 billion dollars. He also said that the profitability of ISO 500 organizations remained weak in 2023, with operating profit increasing by 397 percent to 937 billion liras, but the profitability ratio decreased from 12.8 percent to 12.5 percent.
Stating that financing expenses increased by 925 percent to TL 533 billion in 2023, Bahçıvan emphasized that industrialists had to allocate more than half of their profits to financing expenses.
Total assets of ISO 500
Bahçıvan said that after inflation adjustment, the total assets of the ISO 500 increased by 126 percent to 88 trillion liras, and that most of this increase was due to inflation adjustment.
In conclusion, the ISO 500 survey revealed that the industrial sector continued to grow in 2023 despite challenging global and local economic conditions, but suffered from weakness in profitability and exports.
