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UPDATE - Energy giant TUPRAS becomes Turkey’s biggest firm

UPDATE - Energy giant TUPRAS becomes Turkey’s biggest firm
Istanbul Chamber of Industry reveals top five Turkish exporters to be Ford Otomotiv, TUPRAS, Oyak Renault, Tofas and Arcelik

CORRECTS EARLIER TEXT

UPDATES WITH QUOTATIONS FROM HEAD OF ISO

By Handan Kazanci

ISTANBUL (AA) - Turkish energy giant TUPRAS has been named the country’s biggest company in 2015.

The Istanbul Chamber of Industry (ISO) made the announcement in its list of Turkey’s top 500 firms, published Tuesday.

TUPRAS has been in number-one position since 2005; it earned 35.4 billion Turkish liras ($12.1 billion) of turnover in 2015.

Ford Otomotiv was in second place and Arcelik -- a Turkish household-appliances manufacturer -- was third largest. Ford Otomotiv made 14.7 billion Turkish liras ($5 billion) of turnover while Arcelik earned 9.9 billion Turkish liras ($3.4 billion).

Automotive producers Oyak Renault and Tofas followed in fourth and fifth place, respectively.

Erdal Bahcivan, head of the Istanbul Chamber of Industry, told a news conference that ISO 500 companies’ net sales increased seven percent in 2015 reaching a total of 450 billion liras ($155.3 billion) from 421 billion liras ($145.3 billion) in 2014.

Bahcivan added that Turkish industrialists’ financing costs have increased 75 percent.

“Industrialists are losing 63.4 percent of their profit in financing expenses. Two-thirds of the money industrialists earn by fighting tooth and nail is going into financing,” he said.

“It does not seem easy to continue to keep the wheel of industry turning with such a model,” he added.

Stating that Turkey’s growth should be backed by research and development as well as high technology, Bahcivan said: “SMEs, which we will encourage to produce high value-added productions, will help Turkey’s qualified growth with their dynamism.”

According to ISO research, Turkey’s manufacturing industry growth was under the national economic average over the last four years, with the exception of 2014.

In 2015, the Turkish economy grew four percent while the manufacturing industry’s growth was 3.8 percent.

In the same year, ISO 500 companies’ exports decreased 12.9 percent, from $61.3 billion to $53.4 billion.

The top five exporters from among the ISO 500 list were Ford Otomotiv, TUPRAS, Oyak Renault, Tofas and Arcelik.

The Istanbul Chamber of Industry has been announcing its top 500 companies list since 1968.

source: News Feed
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