Turkey’s top 500 industrial enterprises have been announced

Turkey’s largest industrial enterprises have been announced. While TUPRAS maintained the leadership in 2020, which was affected by the pandemic, 3 automotive companies followed. In 2020, the indebtedness and equity of companies increased at a high rate.

Erdal Bahcivan, Chairman of the Board of Directors of Istanbul Chamber of Industry (ISO), announced the results of ISO’s “500 Largest Industrial Enterprises of Turkey” survey at the press conference he held.

At the top of the research, TUPRAS took the first place in the list with ₺58 billion 593 million in sales from production, Ford Automotive was the second with ₺45 billion 223 million, and Oyak-Renault Automobile Factories came third with ₺31 billion 242 million.

Toyota, which ranked third last year, fell to the fourth place with ₺30 billion 812 million, while the fifth company did not want its name to be announced.

Other companies in the top 10 are Star Rafineri, Arcelik, Tofas, Eregli Demir ve Celik, Iskenderun Demir and Celik.


Production sales of Turkey’s 500 largest industrial enterprises increased by 15.3% in 2020 compared to the previous year, reaching ₺1 trillion 179 billion. Growth performance slowed compared to increases of 34.5% in 2018 and 16.4% in 2019.

The exports of the ISO 500 decreased by 12.8% to $64.1 billion. Although the export performance diverged somewhat negatively from Turkey’s overall and industrial export performance, the ISO 500 still maintained its weight in Turkey’s exports.

The top 500 companies realized 37.8% of Turkey’s exports and 39.2% of the industrial sector exports last year. The number of exporting organizations, which has been in the 460 band since the mid-2000s, reached 465 in 2020.


According to the research, although the share of the organizations that make up the top 50 of the ranking among the total production sales decreased slightly, the total remained close to 50%.

The operating profit, which shows the profit obtained from the main activities of the ISO Top 500 Industrial Enterprises, one of the main indicators of the research, increased by 55% compared to the previous year and reached ₺142.8 billion. The operating profitability rate also increased by 2.7 points to 10.8%.

Similarly, the size of EBITDA, which has continuously increased since 2013, when it was started to be measured, increased 43.1% to ₺184.4 billion in 2020, while the EBITDA profitability rate reached 13.9% with an increase of 2.6 points.

The total pre-tax period profit and loss increased by 50.1% and reached ₺92.5 billion. The profits of industrial enterprises showed an upward trend in 2020.


According to the profitability data of ISO 500, in addition to the improvement in operating profitability, the increase in non-production revenues, especially with the effect of net foreign exchange profits, also made a positive contribution to profitability.

While the ordinary income and profits of ISO 500 from other activities were ₺237.9 billion, its expenses and losses were ₺194.4 billion. When the difference between these two figures is taken, it was seen that the ISO 500 earned ₺43.4 billion of net income from non-production activities.

Financing expenses continued to determine the profitability of the ISO 500. Financing expenses increased by 39.2% to ₺88.8 billion.

The total debt of the ISO 500 in 2020 increased by 23% and reached ₺499.6 billion. With the support of the increase in operating profitability, companies were able to grow their equity at a similar rate of 23.2%.


In the development of debts according to their terms, short-term financial debts increased by 22.4% to ₺206 billion, while long-term financial debts increased by 23.3% to ₺293.5 billion.

When looking at the relationship between current and fixed assets among the total assets, which is one of the most important indicators, the share of fixed assets in the ISO 500 in total assets increased to 46.3% in 2015 and started to decline and became 39.1% in 2019.

Last year, the share of fixed assets decreased by another 2.8% points to 36.3%. Unusual circumstances led companies to liquid assets, while limiting fixed asset investments.


The overturned VAT burden of ISO 500 increased by 14.3% compared to the previous year and reached ₺12.4 billion. It has been reported that this figure stands at 2.5% of the total financial debt of the ISO 500.

Among the top 500 organizations, the number of organizations that made a profit last year rose from 411 to 423.

In terms of added value created by technology intensity, the total value added created by medium-high and high technology in 2018 was 27.5%, this rate increased to 30.4% in 2019 and 31.2% last year.

The number of organizations that spend on R&D has also been gradually increasing since 2013. Last year, the number of organizations engaged in R&D was 271, and R&D expenditures increased by 4.9% to ₺6.2 billion. The ratio of R&D expenditures from production to sales, which was 0.58% in 2019, declined to 0.53% last year.


Employment of the ISO 500 increased by 2.9% despite all negative developments. The rate of increase in salaries and wages paid was 14.4%.

The number of organizations with foreign capital shares has decreased to 110 last year. This development showed that the gradual decline in the number of organizations with foreign capital shares, which were included in the ISO 500 after 2009, continued. The number of publicly traded organizations maintained its horizontal course with 67.

It was observed that the weight of Anatolia in the industry increased as a result of the ranking of the organizations in the top 500 according to the information of the chamber they are affiliated to. Accordingly, despite the numerical decline in recent years, the biggest share is still owned by the Istanbul Chamber of Industry with 161 companies. While the Aegean Region Chamber of Industry followed Istanbul with 44 companies, Ankara 37, Kocaeli 36, Gaziantep 29 and Bursa 19 companies took part in the research.

Source: NTV / Translated by Irem Yildiz

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