NEWS ECONOMY NEWS        01/07/2020

Fortune 500 list (2019) has been published for Turkey

The Fortune 500 list for Turkey, which lists the top 500 Turkish companies for which figures are publicly available according to net sales, exports, total assets, share capital, and profit before interest and tax for the year 2019, has been published.


Tüpraş Petrol Rafineleri A.Ş., a Koç Holding company, came first in net sales with TL 89.6 billion. Tüpraş was followed by Enerji Piyasaları İşletme A.Ş. with TL 88 billion, Türk Hava Yolları A.Ş. (THY) with TL 75.1 billion, Petrol Ofis A.Ş. with TL 53.7 billion, Opet Petrolcülük A.Ş. with TL 46.4 billion, BİM Birleşik Mağazaları with TL 40.2 billion, Ford Otomotiv San.A.Ş. with TL 39.2 billion, Ahlatcı Kuyumculuk Tic.AŞ. with TL 34.8 billion, Arçelik A.Ş. with TL 31.9 billion. Koç Holding, with Tüpraş, Ford, and Arçelik, had three companies in the top 10 companies in terms of net sales.


Türk Hava Yolları A.Ş.(THY) came first in exports with TL 65.8 billion. THY was followed by  Ford Otomotiv San.A.Ş. with TL 33.4 billion, Arçelik A.Ş. with TL 21.6 billion, RC Rönesans İnsaat Taahhüt A.Ş. with TL 21.2 billion, Türkiye Petrol Rafinerileri A.Ş. with TL 20.1 billion, Anadolu Efes Biracılık ve Malt San.A.Ş. with TL 16.5 billion, Vestel Elektronik Tic. A.Ş. with TL 14.4 billion, Tofaş Türk Otomobil Fabrikası A.Ş. with TL 13.3 billion, Tekfen İnşaat ve Tesisat A.Ş. with TL 8.3 billion, and Ahlatci Kuyumculuk Tic.A.Ş. with TL 7.1 billion. 


TCDD İşletmesi Genel Müdürlüğü came first in shareholders’ equity with TL 53.5 billion, followed by Türk Hava Yolları A.Ş. (THY) with TL 40.8 billion, Enka İnşaat ve Sanayi A.Ş. with TL 39.4 billion, Ereğli Demir ve Çelik Fabrikaları T.A.Ş. with TL 31.2 billion, Anadolu Efes Biracılık ve Malt San.A.Ş. with TL 24.2 billion, EÜAŞ Elektrik Üretim A.Ş. with TL 19.9 billion, Türkiye Petrolleri A.O. with TL 18.9 billion, Türkcell İletişim Hizmetleri A.Ş. with TL 18.1 billion, Türkiye Elektrik İletim A.Ş. with TL 17.8 billion, and Aselsan Elektronik Tic.A.Ş. with TL 13.6 billion.


Türkcell İletişim Hizmetleri A.Ş. came first in profit before interest and tax with TL 7.2 billion, followed by Türk Telekomünikasyon A.Ş. with TL 7.1 billion, Türk Hava Yolları (THY) with TL 6.8 billion, Arçelik A.Ş. with TL 5.8 billion, Ereğli Demir ve Çelik Fabrikaları A.Ş. with TL 5.6 billion, İç İçtaş İnşaat San.A.Ş. with TL 5.5 billion, YDA İnşaat Tic.A.Ş. with TL 4.8 billion, Enka İnşaat ve San.A.Ş. with TL 4.7 billion, Devlet Hava Meyd.İşletmesi Genel Mdl. with TL 4.2 billion, and Aselsan Elektronik Tic A.Ş. with TL 4.2 billion.


The following summary has been prepared of 2019 figures of top 500 companies in Turkey :


Tüpraş Petrol Rafineleri A.Ş. came first in net sales with TL 89.6 billion, which represented some 5% of total net sales of the top 500 companies. Enerji Piyasaları İşletme AŞ (EPİAŞ), which came second with TL 88 billion in net sales, was 316th in the list of Profit before Interest and Taxes list with TL 62.8 million. Türk Hava Yolları (THY), which came third in net sales with TL 75.1 billion, was again the leader in the exports table, a position which it has held since 2009.    Petrol Ofisi came in fourth with TL 53.7 billion and Opet came in fifth with TL 46.4 billion. A surprise this year was the BIM supermarket chain with more than 40,000 employees which entered the top list with net sales of TL 40.2 billion, an increase of 24.4%. The top 10 companies of Fortune 500, which had total net sales of TL 527.6 billion, were mainly petrol and energy sector companies. The Fortune 500 companies had a total net sales of TL 1.8 trillion, a 14.9% increase on 2019. This was significantly below the 31.8% increase recorded in 2018.


Exports of Fortune 500 companies increased by 14.6% in TL 515.8 billion in 2019 compared with the previous year. In US dollar terms, exports decreased by 2.7% to USD 90.9 billion. Of the net sales of Fortune 500 companies, 72% were from domestic sales whereas 28% were from exports.   


Of the Fortune 500 companies, 402 declared profits, whereas 98 declared losses. The number of companies declaring losses was an improvement on the 119 companies registering losses in the previous year. Net profits increased by 44.5% to TL 78.5 billion compared with the previous year, and it was seen that this was partially due to a fall in financing expenses of 22.7% as a result of a fall in interest rates in 2019. Net sales profitability increased to 4.3% in 2019 from 3.4% in 2019. Shareholders’ equity profitability increased to 11.7% in 2019 from 10.1% in 2018.


The number of employees of Fortune 500 companies increased to 1 million 240 thousand in 2029 from 1 million 150 thousand in 2018, and their percentage of Turkey’s total workforce increased to 4.4% in 2019 from 3.9% in 2018. The company employing the highest number of personnel was RC Rönesans İnşaat Taahhüt with  54,106 personnel, followed by BİM Birleşik Mağazalar with 51,765, and PTT with 43,000.


323 of the Fortune 500 companies recorded net sales of over TL 1 billion in 2019, compared with 279 in 2018. The number of companies with net sales of over TL 10 billion increased to 33 in 2019 from 29 in 2018.


The number of Fortune 500 Turkey companies quoted on the Borsa Istanbul stock market in 2009 was 129. This figure had fallen to 98 in 2019.



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