ACCESS TO NEW MARKETS TECHNOLOGICAL COOPERATION&PARTNERSHIP ACCESS TO NEW TECHNOLOGIES CE MARK HORIZON 2020 EU TECHNICAL STANDARDS INTELLECTUAL PROPERTY RIGHTS INNOVATION RESEARCH&DEVELOPMENT FOREIGN TRADE INTERNATIONALIZATION een.ec.europa.eu Enterprise Europe Network ISTANBUL www.een-istanbul.orgISO 500 IN 2021 "THE YEAR OF THE INDUSTRY" CHAIRMAN'S MESSAGE As we celebrate the 70th anniversary of our Chamber this year, we are also excited to publish our Türkiye’s Top 500 Industrial Enterprises (ISO 500) survey, renowned as the longest-running and most comprehensive survey on the Turkish industry.OCTOBER 2022 7 Istanbul Chamber of Industry Chairman of the Board of Directors ERDAL BAHÇIVAN erhaps the most critical development of 2021, the period concerning this year’s survey, was the earlier-than-expected roll-out of COVID-19 vaccinations, which accelerated the return to the pre-pandemic economic and social outlook in most of the world. However, the following viral muta- tions continued to affect the economy. Unlike 2020, when lockdowns had steered the global agenda, this year was marked by the failure of produc- tion efforts to keep up with the rapidly increasing demand as restrictions were lifted. Extensive support from the government and central banks further widened the supply-demand gap. Due to the supply chain bottle- neck, prices of raw materials, especially energy, shot up. Majority of the countries around the globe faced high inflation for the first time in decades. Both the opportunities and the risks of this process presented themselves in Türkiye simultaneously. Capitalizing on the changes in supply chains and especially on the EU's increasing demand for imported goods, our industri- al sector drove growth with its strong export, production and employment performance. As pandemic restrictions were lifted in the second half of the year, the service sector also increased its contribution. These deve- lopments culminated in double-digit growth for Türkiye, one of the very few countries having managed to close 2020 with growth, in 2021. On the other hand, we must admit that the highly turbulent financial atmosphere at year-end marked the beginning of a new period for Türkiye, one with vulnerabilities such as high inflation and current account deficit. The ISO 500 data for 2021 paints a picture that is very consistent with the assessments above. Exports more than recuperated from the decline in 2020 with a jump of nearly 34 percent, and production-based sales rose by 74 percent due to inflation and exchange rate differences. The near 6 percent increase in employment points to production capacity expansion. In addition to the growing business volume, our enterprises succeeded in boosting their profitability by managing their operating expenses and exchange rate fluctuations well. However, as in the last few years, financial expenses were the main factor limiting profitability in 2021. The borrowing term was also shortened to a certain extent as the public institutions ceased the facilitation of long-term pandemic support packages and relative costs changed. It is promising to see the ISO 500's increasing their R&D expenses and the growth of mid-to-high-tech sectors. However, we would like the growth of the ISO 500 to further bolster Türkiye’s technological edge, especially in a rapidly digitalizing world with an ever-growing technological competition. In summary, while we are delighted to see that the ISO 500 continued to strengthen Türkiye’s economy, we also consider it a necessity to identify and take action to address our shortcomings. Our goal should be to transi- tion to a qualified and sustainable growth structure that fosters productivity and technology in the long run, instead of a short-term and risky growth with low-value-added. These days, when the global economic growth signals a slowdown, finan- cial conditions are tight and risk areas such as climate, supply security and geopolitical developments gain importance, further emphasize how pivo- tal financial stability, security and predictability are. Finally, I would like to extend my thanks to our industrial enterprises for once again showing great interest in our ISO 500 survey this year, our De- partment of Economic Research and Corporate Finance for conducting the 2021 ISO 500 survey meticulously, to valuable academics and consultants for their immense contributions, and to everyone who has helped to pre- pare this year’s edition. P8 OCTOBER 2022 Chairman's Message Executive Summary Developments in the World and Turkish Economy Main Indicators Main Financial Indicators Profitability Indicators Value-Added, Efficiency and Productivity Technological Activities Türkiye's Top 500 Industrial Enterprises - Ranking Sectoral Data Methodology, Definitions and Explanations Economic Activity Codes and Capital Distribution Sectoral Ranking Alphabetical Ranking I 2 I 6 I 8 I 22 I 44 I 52 I 64 I 72 I 79 I 111 I 118 I 122 I 126 I 144 INDEXOCTOBER 2022 9 CREDITS THE JOURNAL OF THE ISTANBUL CHAMBER OF INDUSTRY October 2022 Special Issue AUTHORIZED BY CHAIRMAN OF THE BOARD OF DIRECTORS ON BEHALF OF THE ISTANBUL CHAMBER OF INDUSTRY Erdal Bahçıvan EDITORIAL BOARD Sultan Tepe - Ayşegül Çapan - Ramazan Güven - Sadettin Kaşıkırık - Sabahattin Şen DIRECTOR OF PUBLICATIONS Haktan Akın CHIEF PUBLISHING COORDINATOR Asım Aslan STUDY BY Economic Research and Corporate Finance Department of Istanbul Chamber of Industry EDITED BY Corporate Communications Department of Istanbul Chamber of Industry ADDRESS FOR ADVERTISING Odakule, Meşrutiyet Cad. No: 63 34430 Beyoğlu / İstanbul Tel: 0212 252 29 00 / Ext. 131-133 PUBLISHING İlbey Matbaa Kağıt Reklam Org. Mücellit San. ve Tic. Ltd. Şti. Litrosyolu 2. Matbaacılar Sitesi 3NB3 Topkapı Zeytinburnu / İST. Number: 0212 513 83 63 www.ilbeymatbaa.com Certificate No: 51632 Date of Publication: October 2022 A special issue of the Monthly Journal of the Istanbul Chamber of Industry ISO 500® / ©2022 Istanbul Chamber of Industry/ All rights reserved according to Law no. 5846 on Intellectual and Artistic Works. Cannot be copied, reproduced or published without permission in any circumstances. Istanbul Chamber of Industry has no liability for errors or mistakes that may occur due to copy or reproduction of the information and analyses in this publication.Next >