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Otokar’s turnover reached TL 1.79 billion with 9 per cent increase

Otokar, a Koç Group company, announced its 2017 financial results. Serdar Görgüç, Otokar General Manager stated that 2017 was a productive year for Otokar, "Positive economic developments reflected on our areas of operation. Otokar maintained its leadership in Turkish bus industry and left behind a successful year when we took important steps in defence industry. Our turnover reached TL 1.79 billion with 9 per cent increase and we posted a net profit of TL 99.4 million with 42.6 increase. Otokar's exports in 2017 amounted to $149 million." Referring to the Altay project, Görgüç said, "We designed Turkey's national main battle tank and now we are ready for serial production."

Turkey's leading automotive and defence industry company Otokar announced its 2017 financial results. Operating in over 60 countries in five continents with products with owned intellectual property rights, Otokar broke its own record. Otokar reached TL 1.79 billion in turnover with 9 per cent increase and posted a net profit of TL 99.4 million. Otokar's exports in 2017 amounted to $149 million.

Serdar Görgüç, Otokar General Manager said: "Despite the narrowing observed in the markets where we operate, we have maintained our sustainable growth with successful performance in 2017. The products we manufacture to meet the needs and expectations of our customers as our focus point, R&D and engineering capabilities, our experienced and skilled human resource and strong sales network brought us the successful financial results of 2017. With 3,062 vehicles produced in 2017, Otokar maintained its leadership in Turkish bus industry as a whole as well as its leading position as the largest private capital company in the Turkish defence industry."


Görgüç added that they achieved a first in the defence industry in 2017, "We signed the largest export deal signed for a single item in the Turkish defence industry in 2017. Otokar, with its local partner, formed a joint venture, Al Jasoor. Last year Al Jasoor signed a deal with the United Arab Emirates Armed Forces for $661 million to deliver 8x8 armoured vehicles. With this agreement, we have expanded our export activities with technology transfer."

Serdar Görgüç explained that the movement toward becoming more national and domestic in production with the aim of gaining higher technological competence in Turkey is having more impact. Görgüç mentioned that in the defence industry Otokar is the leading supplier of land vehicles for the Turkish Armed Forces and exports military vehicles to more than 30 countries, adding that Cobra II, the armoured vehicle with advanced technologies was preferred for border surveillance missions of the Land Forces in 2017 and Cobra II vehicles also started to take part in United Nations missions.


Speaking about the national main battle tank Altay, Serdar Görgüç, Otokar General Manager said: "In 2008, we were tasked with design, development, production, and prototyping Turkey's main battle tank with national resources and capabilities. We used all of our know-how, adapted our technologies and successfully designed and developed Altay. We gained valuable experience and enhanced our capabilities. Altay was born as a national main battle tank on this land. Developed with Turkey's resources, Altay can also be produced in Turkey with national resources. Our greatest wish is to take the strength and experience we gained in the design and prototyping phase to the serial production phase as well. We submitted our offer for serial production to the Undersecretariat for Defence Industries to be cost-effective, realistic to involve minimal risk. We aimed to respond to the emergency need plans of the Turkish Armed Forces in a timely manner. We are now waiting for our government to decide."


Görgüç informed that Otokar sold 1,488 buses in 2017 in Turkish bus market, which has been shrinking for the last three years, and maintained its leadership in the 25+ passenger bus segment with 28 per cent market share, adding that 1 out of every 3 buses sold in its segments was Otokar branded. Serdar Görgüç also noted that in the small and medium bus segment, which sells the most vehicles in bus market, 2 out of every 5 buses was Otokar.

Serdar Görgüç continued, "In 2017, Otokar's total vehicle park rose to 2,500 levels in key target export markets, namely France, Italy and Spain, and 500 levels in the Balkans. The 18.75-metre Kent Articulated bus, which turns a new page in inner city public transportation, was exported to Italy, Serbia and Spain in 2017 as a first. It would be fair to say that Otokar vehicles are serving millions of passengers in more than 60 countries and carrying the world."


Otokar has introduced many firsts into the industry since the very beginning and allocated 4.4 per cent of its turnover for research and development activities in the last decade, with R&D expenditures amounting to TL 483 million. Otokar has also filed applications for 269 patents, industrial designs and utility models in the last decade for the products and subsystems developed.

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