Turkish Aselsan Inks $50.7 Million Export Deal With Morocco For Koral-EW

Turkish defense giant Aselsan inked an export agreement worth 42.59 million euros ($50.7 million) with Morocco, according to a company statement Tuesday.

The defense firm informed the country’s Public Disclosure Platform (KAP) that the agreement was signed with an international client.

“Under the contract, the deliveries will be made in 2023-2024,” it noted. Aselsan is active in military and civil telecommunications, as well as radar, electronic warfare, defense, weapons, command control and navigation systems.

In 2020, the defense firm’s turnover grew by 24% compared to the previous year, exceeding TL 16 billion ($1.83 billion), while its net profit reached TL 4.5 billion with a year-on-year increase of 33%.

Aselsan, which increased its collections with export-based revenues, completed the pandemic year with a strong cash position.

The company’s EBITDA (Earnings Before Interests, Taxes, Depreciation and Amortization) rose 38% to reach a record level of TL 4 billion. The EBITDA margin, meanwhile, exceeded expectations and reached the highest level in the company’s history with 24.4%.

The defense giant also continued its export deals uninterruptedly in 2020, when international mobility was largely halted in COVID-19 pandemic restrictions. The company contributed to Turkey’s export volume by signing contracts worth $446 million in total with six new countries in 2020. With the contribution of new orders from abroad, foreign balance orders exceeded the threshold of $1 billion and reached its historical peak. Total balance orders also amounted to $9.5 billion.

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