Oil refiner Tupras retains Turkey’s biggest industrial enterprise title

Refinery giant Tupras retained its longtime leadership as Turkey’s biggest industrial enterprise with production-based sales worth 58.6 billion TL ($8.4 billion), the Istanbul Chamber of Industry (ISO) said on Wednesday.

With production-based sales of 45.2 billion liras ($6.5 billion), car manufacturer Ford ranked second in the list of Turkey’s Top 500 Industrial Enterprises in 2020, ISO data showed.

It was followed by another carmaker Oyak Renault with 31.2 billion liras ($4.5 billion) last year.

Exports of Turkey’s industrial giants at the list decreased 12.8% year-on-year to $64.1 billion, survey revealed, saying their operating profit increased by 55%, employment by 3% and R&D expenditure by 5%.

“While the rise in equity was promising, the current debt-equity ratio continued to be a chronic problem,” it said.

The ISO has been announcing data on Turkey’s top 500 companies since 1968.

Source: Anadolu Agency