Economy, News

TUPRAS is Turkey's biggest company: Chamber of Industry

Energy giant, TUPRAS, is named as having been the biggest company in the country in 2014.

Energy giant TUPRAS was named as having been the biggest company in Turkey in 2014, the Istanbul Chamber of Industry said on Tuesday.

Announcing its list of Turkey’s top 500 companies, the organization ranked Ford Otosan, producer of Ford autos, as second-largest, and Oyak Renault carmaker as third-largest. Arcelik and Elektrik Uretim (Electricity Generation Company) followed them.

TUPRAS has kept the top rank since 2005. It earned 37.5 billion Turkish liras ( $13.8 billion) of turnover in 2014.

The top 10 Turkish companies consist of three energy, three automotive and three iron and steel companies, while one white goods company, Arcelik, ranks among them.

TUPRAS also has become Turkey’s biggest exporter with its $3.7 billion earned abroad, while Ford Automotive is second with $3.46 billion in exports.

The survey showed that employment in the top 500 companies also rose in 2014 by 5.3 percent and numbered 580,000 personnel.

Turnover of the biggest 500 companies has reached to 473 billion Turkish liras ($173.9 billion) in 2014, an increase of 3.9 percent compared with the previous year.

Erdal Bahcivan, head of the Chamber of Industry, said operating profit of these companies dropped to 30 billion Turkish liras ($11 billion) in 2014 from 36 billion Turkish liras ($13.2 billion) in 2013.

“While there has been a decrease in operating profit, it is remarkable to note companies’ willingness to produce and struggle. But let me underline that this is not sustainable,” he continued.

Bahcivan said the study showed that  industry should be at the forefront at Turkey’s sustainable development. “In the last 15 years, industry has been losing its place in overall economy,” he said, adding that growth figures for the first quarter of this year show this tendency.

Meanwhile, the report showed that foreign investment in the largest 500 companies has remained unchanged.

Bahcivan said that Turkey expects to attract foreign investment into industry rather than into services and financial markets.

“Investment into such areas do not contribute to the healthy development of the country,” Bahcivan said.

The chairman said he does not expect sharply increased growth in 2015. Turkey saw its economy grow 2.3 percent during first quarter of this year. He expected that annual growth for 2015 would be around that figure.

Resource: Anadolu Agency, June 16, 2015

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