ASELSAN Elektronik Sanayi ve Ticaret Anonim (ASELS) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached 60.7 billion TL, up from 53.1 billion TL year-over-year.

• Net profit for the period was 6.1 billion TL, compared to 4.3 billion TL in the same period last year.

• Gross profit increased to 18.8 billion TL from 14.8 billion TL year-over-year.

• Total assets grew to 212.3 billion TL as of 30 September 2024, up from 204.6 billion TL at year-end 2023.

• The company maintained a strong equity position with 125.4 billion TL in total equity.

Financial highlights

• Operating profit for the nine-month period was 14.4 billion TL, down from 22.8 billion TL year-over-year due to lower other operating income.

• EBITDA margin improved, supported by higher gross profit and controlled operating expenses.

• Earnings per share for the period was 134.69 kuruş per 100 shares, up from 93.95 kuruş year-over-year.

• Cash and cash equivalents at period-end stood at 3.6 billion TL.

• Total financial debt increased to 33.4 billion TL from 27.1 billion TL at year-end 2023.

Outlook and guidance

• The company continues to benefit from strong domestic and export demand, with significant new contracts signed post-period totaling $28 million.

• Management expects ongoing growth in both revenue and profitability, supported by a robust order backlog and continued R&D investments.