TürkTraktör: Leader of the Market for 17 Years in a Row
TürkTraktör, the first manufacturer of the Turkish automotive sector and Turkey's leading company in the agriculture mechanization, announced the year-end financial results for 2023. TürkTraktör achieved a record-breaking 15% increase in production compared to 2022, reaching a total production volume of 51,423 tractors. Realizing 56% of the total tractor production in Turkey and 79% of the total exports volume, TürkTraktör maintained its leadership in the domestic market for 17 years in a row.
TürkTraktör completed the sale of 35,849 tractors to the domestic market while exporting 16,016 units to the global markets. TürkTraktör maintained its leadership in the Turkish tractor market with a total market share of 44.4% thanks to a strong performance its two brands. In 2023, New Holland was once again the market leader, while TürkTraktör's premium brand CASE IH gained the second place.
According to the independently audited year-end financial results calculated with the inflation accounting method in line with the provisions of the Turkish Accounting Standard (TMS 29), TürkTraktör completed the year with an increase of 117% in net profit, reaching 9.3 billion TL and an increase of 41% in turnover, amounting to 58.4 billion TL. For the same period, the operating profit margin and the EBITDA margin were realized as 20.6% and 22.6%, respectively.
Expressing his happiness for completing 2023 with record-breaking performance in production after a challenging start, Aykut Özüner, TürkTraktör Company Leader, said: “TürkTraktör has been the leader of the Turkish tractor market for 17 years in a row thanks to our strong production and export figures. As we celebrate the 70th anniversary of our company, we will continue to work for our customers, our country and the environment, with the same excitement and determination we felt 70 years ago. While preparing agriculture and cities for the future, we will always comply with the sustainability criteria in our investments in production, eco-friendly tractors, equipment, and construction equipment. I would like to take this opportunity to extend my heartfelt thanks to entire TürkTraktör family for their commitment and hard work in our record-breaking achievements in 2023, to our dealers and service centers for successfully representing our company throughout Turkey, and to our farmers who have always supported us with their trust in our company and our products.”
