TÜPRAŞ again tops Turkey’s Fortune 500 list
June exports enjoy 15.8% year-on-year surge, hit nearly $13.5B
TURKEY’S exports in June surged by 15.8% yearon-year, while they registered a 35% month-on-month increase, bouncing back from a decline due to the coronavirus pandemic, Trade Minister Ruhsar Pekcan announced yesterday. Exports in June reached $13.47 billion, Pekcan told Anadolu Agency’s (AA) Editor’s Desk in the capital Ankara. Imports also rose 8.2% to $16.3 billion in the same period, Pekcan said. The exportto-import coverage ratio was 82.6% in June 2020 versus 77.2% in June 2019, she added. During the month, the foreign trade deficit rose 17.3% compared with the same month last year, to $2.8 billion, while the foreign trade volume climbed 11.52% to $29.8 billion. “Looking at the sectors with the highest export growth, there was an increase of 24% in textiles, 20% in iron and steel and 18% in electronics,” Pekcan explained. While the automotive industry stayed on top as Turkey’s leading export sector in June, its exports fell 11% year-on-year but rose 80% month-on-month, she added. Pekcan also said Turkey’s highest increase in foreign sales by country came in its exports to the U.K., up 43% in the month compared with the same month in 2019.
biggest oil importer TÜPRAŞ has topped Fortune magazine’s top 500 Turkish companies in terms of net sales.
Revenues of the refiner amounted to around TL 89.6 billion (around $13 billion) in 2019, up 1.2% year-on-year, and held a 5% share in total sales of the top 500 companies, the magazine said on its website Wednesday.
The Turkish Energy Stock Market (EPİAŞ) came in second with net sales of TL 87.9 billion, followed by the national flag carrier Turkish Airlines (THY) with TL 75.1 billion. The carrier managed to increase its net sales by 19.9% yearon-year in 2019.
Net sales of the 500 companies surged by 14.9% compared to 2018, reaching TL 1.8 trillion, according to the magazine. Their net profits also increased by 44.5% to hit TL 78.1 billion.
On the other hand, the 500 companies’ exports last year were up 14.6% on a Turkish lira basis, while they were down by 2.7% on a U.S. dollar basis, reaching TL 515.8 billion and $90.9 billion, respectively.
Top exporters were Turkish Airlines, carmaker Ford, home appliances manufacturer Arçelik, construction company Rönesans and TÜPRAŞ.
A total of 323 firms’ net sales among 500 companies reached over TL 1 billion each as of the end of the last year and net sales of 33 companies each exceeded TL 10 billion. A total of 402 companies declared profits, while 98 announced losses.
Total employment created by these companies hit 1.24 million, compared to last year’s figure at 1.15 million. The 500 companies’ share in Turkey’s gross domestic product (GDP) was 46.2% in 2019, remaining stable compared to 2018.
The 13th edition of the Fortune 500 list covers the energy, manufacturing, commerce, services and construction sectors.
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