ASELSAN Elektronik Sanayi ve Ticaret Anonim (ASELS) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 reached 35.72 billion TL, up from 32.99 billion TL year-over-year, with a gross profit of 11.41 billion TL compared to 10.18 billion TL in the same period last year.

• Net income attributable to equity holders for the period was 3.80 billion TL, up from 2.63 billion TL year-over-year.

• The company maintained a strong equity base, with total equity rising to 113.26 billion TL as of June 30, 2024, from 110.24 billion TL at year-end 2023.

Financial highlights

• Operating profit for the first half of 2024 was 9.31 billion TL, compared to 16.26 billion TL in the same period last year.

• EBITDA and EBIT margins were impacted by higher operating expenses and increased R&D spending.

• Earnings per share for the period were 83.31 kuruş per 100 shares, up from 69.31 kuruş per 100 shares year-over-year.

• Cash and cash equivalents at period-end stood at 1.92 billion TL, down from 8.23 billion TL at year-end 2023.

Outlook and guidance

• The company continues to focus on domestic and international defense contracts, with 370 million USD in new contracts signed after the reporting period.

• Dividend distribution of 510 million TL was approved, to be paid on November 25, 2024.