Energy and auto sectors lead economy
Posted by meb at July 24th, 2008
The Turkish Petroleum Refineries Company, or Tüpraş, topped the list of Turkey’s top 500 industrial companies once again in 2007, an Istanbul business organization revealed yesterday.
Just like the year before, Tüpraş, ranked first on the Istanbul Chamber of Industry, or ISO, 500 with YTL 18.45 billion net sales, while Ford Otomotiv ranked second with YTL 6.2 billion net sales, followed by Electricity Generation Co., or EÜAŞ, with YTL 4.6 billion net sales. The electricity firm was the highest-ranking public enterprise. These three industries lead the ISO 500 not only in net sales but also in exports.
The automotive sector left behind all other industries when it came to exports in 2007, according to research findings. The sector implemented exports worth $16.91 billion, which constitutes 31 percent of all exports implemented by companies included in the ISO 500.
The basic metal industry followed the automotive sector’s success in exports. The sector, which grabbed the second spot, implemented exports worth $11.23 billion, which covers 20.6 percent of all the exports implemented by the ISO 500 firms. The metallic tools and equipment sector ranked third with $8.73 billion exports and had a 16 percent share in total exports.
The report indicated that the export volume of the top 500 companies rose 24 percent in 2007 compared to the 25.3 percent increase in Turkey’s aggregate exports. Turkey’s automotive sector constituted 15.9 percent of Turkey’s aggregate exports last year.
Of the ISO 500 companies, 143 have foreign partners, while 19 of the top 50 companies have foreign partners, the ISO report reveals. These 19 companies constituted 31.7 percent of the exports of the top 500 companies last year.
ISO 500 companies constituted 9.3 percent of Turkey’s GDP. The companies’ collective share in added value declined to 25.5 percent in 2007 from the previous year’s 51.2 percent.
“ISO 500 companies pay very high rates of the private consumption tax and value added tax. That is why their share in added value declined considerably,” ISO Chairman Tanıl Küçük told members of the press during the ISO 500 2007 report release meeting.
Company profits:
Tüpraş made YTL 1.25 billion in profits last year, which is an increase of 41.5 percent from the previous year. That is the highest profit increase among all other companies on the ISO 500 list. Ereğli Demir Çelik, also known as Erdemir, ranked second with YTL 931.3 million profit, followed by Ford Otomotiv, with YTL 600 million.
Among the ISO 500 companies, the food, drink and tobacco sector ranked first with the employment opportunities it has provided. The sector generated 19.8 percent of all employment opportunities created by ISO 500 firms. The apparel industry came in second with 17.7 percent employment share, while the automotive sector was ranked third with 16.5 percent.
source: Turkish Daily News
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