TürkTraktör Maintains Market Leadership for the 18th Consecutive Year
TürkTraktör, the long established manufacturer in the Turkish automotive industry, announced its financial results for 2024. TürkTraktör produced 43,611 tractors in 2024, accounting for 60 percent of Türkiye’s tractor production and 73 percent of its exports. According to TürkTraktör's 2024 financial data, the company’s total turnover was TL 66 billion 970 million, operating profit margin and EBITDA margin were 11.9 percent and 14.7 percent, respectively, and net profit was TL 5 billion 741 million.
TürkTraktör sold 31,974 tractors to the domestic market in 2024 and reached 12,516 units in exports. TürkTraktör, with a total share of 46,2 percent in the tractor market with its two brands, New Holland and Case IH, has maintained its market leadership for the 18th consecutive year. Planning to expand its presence in the tractor market to agricultural equipment production, TürkTraktör continued its investments in 2024 by signing a Share Purchase and Sale Agreement for the acquisition of all shares of Kayhan Ertuğrul Makina Inc and its subsidiaries Kayhan Ertuğrul Tarım and Terramak Tarım Inc. The approval of the Competition Authority is awaited for the completion of the process. TürkTraktör also strengthened its cabin assembly line at its Erenler factory and started trial production at its new cabin skeleton production facility at the end of 2024.
Commenting on the 2024 financial results, TürkTraktör Company Leader Matthieu Séjourné said, "I would like to thanks all the employees of TürkTraktor for their contribution in keeping our market leadership in 2024, it holds a particular significance for us as it marks the 70th anniversary of our establishment. In the face of a challenging market contraction of 18%, stemming towards period of normalization after record-breaking numbers in 2023, our New Holland Brand secured the top position, while our Case IH brand attained second place. The dedication of the team to adjust to these new market conditions allows us to achieve these results and prepare for the future. Indeed, as an institution that believes in the long-term high potential of Turkish agriculture, we continue to move forward with the same enthusiasm and resolve of our first days, in line with our goal of preparing agriculture and cities for the future with new investments. I would like to extend my thanks to our farmers and contractors who showed their loyalty to our brands and products, and all our dealers, suppliers for their invaluable contributions to these achievements."
