Published On: Mon, May 20th, 2019

Based on sales from production TUPRAŞ ranks 1st among companies in Aegean region

Aegean Region Chamber of Commerce has announced 100 major companies based on “production from sales”. Like in the past years, TUPRAS ranked top of the list followed by PETKIM and IZMIR DEMIR CELIK (iron and steel). The top three were followed by companies such as PHILSA, BMC, JTI, ÖZKAN DEMIR CELIK, KOCAER HADDECILIK, ABALIOGLU YEM, PINAR SUT (milk) to form top ten. PINAR SUT was in the 27th place last year and made one of the most important leaps on the list.

In a press conference organized by the Industrialists Association (EBSO) it was stated that this year the evaluation was done by excluding the production of the companies realized at places other than İzmir and evaluating the performance of the first 100 companies. It was also noted that the sales profitability of the Aegean 100 companies was 5.8 percent.

It was also shared that the industrialists in the region had used 89 percent of their operating profit for finance expenses meaning those companies had worked for banks. The Association also informed this had obviously been due to the rise in the exchange rate as well as the increase in interest rates.

Experts believe although the wrong choices of concerned industrialists in the region may have had a role in this picture, they had no role in the leap in foreign exchange and interest rates. In other words, the industrialists have had to bear with the cost of variable factors beyond their control.

It was shared in said conference that 81 of the top 100 firms had reported profits in 2018 and 19 had made loss. Based on the statement issued at the conference 26 of these companies have foreign capital and 58 of them carry out R & D activities.

Based on information provided at the meeting 80 percent of the companies listed in the ranking operate in chemical, food and iron-steel-metal-casting sectors and sales of the first 100 firms amount to TL 106 billion.

In 2018, these firms realized $ 12 billion worth of imports, compared to $ 6.5 billion of exports. This table shows the dependence of exporters on foreign sources and the need for Turkey’s industrialists to increase added value in their production.

It was also noted that the share of R & D within the sales of the said companies needed to be improved as R&D is very crucial in development and industrialization which in return depends on high standard education.

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