31 July 2021

Otokar announced its financial results for the first half of 2021

Otokar, a Koç Group company, released its 6 months 2021 results. Moving ahead with bold steps toward its mission of becoming a global player, Otokar maintained its growth trend despite the impact of the pandemic. In addition to a revenue increase of 64% in the first half compared to the same period of the previous year, Otokar also recorded 37% growth in exports and posted a net profit of TL 395.5 million in 6 months. General Manager Serdar Görgüç noted that they are pleased with the results of Otokar as the company continues its healthy operations with safe production practices. “With a broad range of commercial and military vehicles, technology, design capabilities, and solutions tailored to customer requirements, Otokar is increasingly preferred in the domestic and international markets. We continue to build on our success, thanks to our innovative products and after-sales services.”
Otokar, Turkey’s leading automotive and defense industry company, announced its 6M 2021 results. Operating in over 60 countries on five continents with products with owned intellectual property rights, Otokar increased its revenues by 64% in the first half of 2021 compared to the same period of the previous year, thanks to the delivery of commercial and defense industry vehicles. The company closed the first half with TL 1.9 billion in revenues and increased its exports by 37% year on year. Otokar recorded USD 152 million in exports and posted a net profit of TL 396.5 million in 6M.
General Manager Serdar Görgüç noted that the company continues to work towards its mission of becoming a global brand by achieving major successes and sustainable growth through safe production practices: “As we navigated through the challenges of this period, we demonstrated positive performance in the first half of this year, thanks to the invaluable efforts of our employees. With our engineering capabilities, highly qualified human resource, broad product range, solutions tailored to customer needs, a strong sales network, and aftersales services, we are appreciated in Turkey and more than 60 countries worldwide and continue to increase our sales. In the first six months, we completed the order of ESHOT, an Izmir Metropolitan Municipality company, for 364 buses. Meanwhile, the delivery of export orders for military vehicles also continued. Further deliveries included vehicles for public transportation and the tourism and logistics sectors. Our military vehicles are favored by friendly and allied countries. In addition, we expanded our COBRA II vehicle family, preferred in domestic and international markets, with COBRA II MRAP, the mine-resistant ambush-protected vehicle that we developed and added to the range. Furthermore, we completed the tests of Turkey’s autonomous bus.”
Görgüç informed that the company allocated 8% of its revenues for R&D in the last decade, with expenditures in this area amounting to TL 1.3 billion. Görgüç added that Otokar maintained its title as Turkey’s most preferred bus brand in its respective segments with its wide product range. “Our technology, the vehicles designed by our engineers, our applications, and the commercial vehicles that we develop in response to customer demand currently serve millions of passengers in Turkey and across the world. We will strive to maintain our leadership in the domestic market with new orders, including Ankara EGO General Directorate, as we keep expanding in export markets. We also lead our industry with defense industry products that we develop and manufacture for present and future threats. We strive to offer the best products and services for more than 50 users, particularly our armed and security forces. As we move ahead with confident steps toward making Otokar a global brand, we always aim to create more added value for our country.”