26 October 2021

Otokar records 53% revenue growth despite the impact of the pandemic

  • Otokar, the leading Turkish automotive and defense industry company, announced its 9-month financial results. As the company’s important deliveries continued in Turkey and on different continents, Otokar recorded 53% year-on-year revenue growth in the first nine months of 2021, capturing 41% growth in exports and posting a net profit of TL 516.4 million in this period.
  • Serdar Görgüç, General Manager at Otokar, gave an overview of the company’s performance in the first nine months of 2021: “We delivered 364 buses to İzmir ESHOT, completing a huge order in as short as seven months. In addition to the public transportation buses of Izmir, we also delivered the CNG-powered buses that we manufactured for Ukraine. In the meantime, production and deliveries of the armored vehicle orders in defense industry also continued. Along with the demo tour of our electric bus in Europe, our R&D work on autonomous buses and remote-controlled military vehicles is ongoing at full steam. For the near future, our focus will be on the tenders we won from Ankara, Istanbul, Slovakia, and Jordan and orders received from different geographies as we maintain our growth.”
Otokar, a Koç Group company, released its 9-month financial results. Otokar, working towards its mission of becoming a global brand, recorded 53% year-on-year revenue growth in the first nine months of 2021. Operating in over 60 countries on five continents with products with owned intellectual property rights, Otokar increased its revenues to TL 2.7 billion by the end of the third quarter. Otokar’s exports rose to $224 million with a 41% increase in the first nine months while the company posted a net profit of TL 516.4  million in this period.
Serdar Görgüç, General Manager at Otokar, noted that the company, operating with 2,230 employees at its Sakarya plant, achieved successful results in the first nine months of the year despite the prolonged impact of the pandemic. “As we worked on new projects for export markets, we were also highly successful in domestic tenders. We delivered 364 buses to serve in Izmir’s public transit system in as short as seven months after receiving the order. Furthermore, we exported natural gas-powered buses to Ukraine. In addition, the delivery of 4x4 and 8x8 armored vehicles as part of previously received orders continued.”
Görgüç added that the tenders Otokar has won and the orders received during the year would drive the company’s growth and success in the upcoming period. “We won the public transportation bus tenders of Ankara and Istanbul in the first nine months. Furthermore, we received new orders from different geographies such as Slovakia and Jordan. In September, we started promoting our electric bus, e-Kent C, which is currently on a demo tour across Europe. Following stops in Germany, Spain and Romania, the electric bus, which promises a cleaner environment and quieter traffic, is currently touring in Italy. Its next stop will be France. Our cooperation with Iveco for buses is also proceeding as planned. In the defense industry, the production and deliveries of the previously received orders are in progress. In addition, we participated in a number of important international fairs and events in the first nine months, exhibiting our land systems capabilities. The developments in commercial and military vehicle segments will ensure the sustainable growth of Otokar and will drive us to the future.”
Görgüç also mentioned technological developments and added: “In terms of technology, we focus our efforts on elevating Otokar to a global level. After introducing Turkey's first hybrid bus, we had launched Turkey's first electric bus in 2011. Since announcing our autonomous bus early this year, our work continues at full steam in this field. Furthermore, our work is ongoing to develop unmanned and remote-controlled land systems for the defense industry.”
Görgüç said that Otokar has been named Turkey’s Best Employer in the Kincentric Best Employers survey for the last two years and was recognized as a “Great Place to Work” this year. “Empowered by our colleagues since the very beginning, we are taking important steps towards becoming a company where mutual trust and respect prevail, and inclusivity and diversity are valued. As the Otokar family, we are proud to be among the great places to work and best employers, thanks to our efforts in human resources.”
Serdar Görgüç noted that Otokar is gaining increasingly more popularity among the youth for its technology, R&D, and digital transformation efforts. “As a company that operates in the national and international commercial vehicle and defense industries with 100% local capital, we continue to draw the attention of young people, in particular for our innovation-related activities. We saw heightened interest from young people during our recent online career days. Otokar's design, engineering, and testing capabilities in commercial and military vehicles drew attention especially. At Otokar, we offer young engineers opportunities to improve themselves and make their dreams come true.”