Otokar recorded 55% growth in 2021 with 1 billion 76 million TL Profit

Otokar recorded 55% growth in 2021 with 1 billion 76 million TL Profit
Otokar recorded 55% growth in 2021 with 1 billion 76 million TL Profit

Otokar, the Turkish automotive and defence industry company, announced its 2021 financial results. Otokar completed 2021 with 55% year-on-year revenue growth. The company recorded 4.5 billion TL in revenues with 55% year-on-year growth, posting a net operating profit of TL billion 76 million TL with a 69% increase.


Otokar General Manager Serdar Görgüç said that the company’s operations in the domestic and international markets continued seamlessly despite the prolonged effects of the coronavirus pandemic. “In 2021, our revenues rose by 55% year-on-year, reaching TL 4.5 billion. As we maintained our competitive position globally, our exports amounted to US$345 million. Furthermore, our net operating profit reached TL 1 billion 76 million with a 69% year-on-year increase, and we posted TL 1 billion 42 million in net profit. In 2021, our commercial vehicle and defence industry sales showed a balanced distribution in our revenues.”

 Otokar recorded 55% growth in 2021 with 1 billion 76 million TL Profit

Serdar Görgüç added that the company’s existing and new product development activities continued throughout the year. “Our research and development investments increased by 49% year-on-year, amounting to TL 300 million. As a result, our R&D expenditures in the last decade correspond to 8% of our revenues on average.”

Serdar Görgüç reminded that the Otokar military vehicles, actively serving in United Nations peacekeeping missions and NATO forces, are exported to more than 35 friendly and allied countries. Görgüç provided details about the company’s defence industry activities:

Otokar recorded 55% growth in 2021 with 1 billion 76 million TL Profit

“Last year, we mainly focused on delivering the orders we received from different countries. Meanwhile, we also found the opportunity to participate in fairs and exhibitions worldwide and physically meet existing and prospective clients as the pandemic restrictions on international travel lifted. Furthermore, our ARMA 8x8 armoured vehicle and TULPAR tracked combat vehicle passed the rigorous tests of the Kazakhstan Army with flying colours.

We also signed an international agreement to create autonomous military vehicles, which is a significant step toward expanding our unmanned ground vehicles market.” “Otokar continues to develop its technology and innovation capabilities as it works confidently toward becoming a worldwide brand,” stated Serdar Görgüç. “In the recent decade, our R&D spending totalled TL 1.6 billion.” Furthermore, for the past six years, we have been included in the Borsa Istanbul Sustainability Index to witness our environmental, social, and governance performance. As a result, sustainability is a major focus of our work.


Otokar recorded 55% growth in 2021 with 1 billion 76 million TL Profit

In addition to studying how the European Green Deal would impact our trade with the EU, we also follow Koç Holding’s 2050 Carbon Neutral Program, an important part of the group’s Cultural Transformation Program. As a result, our research focuses on alternate fuels, energy efficiency, and green sourcing.” Serdar Görgüç, CEO of Otokar, stated that the company intends to maintain its sustainable growth in 2022: “We are still committed to being a worldwide player in the automotive and defence industries.” We intend to preserve our local market leadership in commercial vehicles while increasing our market share in international markets, particularly Europe, by selling more vehicles. We will continue to offer our products and capabilities to serve our country in the defence industry. We will endeavour to grow our footprint in our worldwide target markets. The dedication of our staff, the trust of our clients, and the harmony and cooperation of our business partners will propel us toward these objectives.”