Fortune 500 Türkiye: TÜPRAŞ Tops the List

Results of the 2020 "Fortune 500 Turkey Research" have been announced. According to a report from the Anadolu Agency, Türkiye Petrol Rafinerileri A.Ş. (TÜPRAŞ) ranked first among Turkey's 500 largest companies with net sales revenue of TRY 89.6 billion. Enerji Piyasaları İşletme AŞ (EPİAŞ) ranked second on the list with net sales revenue of TRY 87.9 billion, while Türk Hava Yolları (THY) ranked third with net sales revenue of TRY 75.118 billion. Petrol Ofisi ranked fourth with net sales revenue of TRY 53.663 billion and Opet ranked fifth with net sales revenue of TRY 46.381 billion. It was noteworthy that the top 10 positions of Fortune 500 were predominantly occupied by companies operating in the oil and energy sectors. The net sales of companies listed in the Fortune 500 Turkey 2020 list increased 14.9% year-on-year in 2019 to reach TRY 1.8 trillion. However, this increase lagged behind 2018. In 2018, net sales had risen 31.8% compared to the previous year. Total exports of companies listed on the Fortune 500 Turkey list increased 14.6% year-on-year in 2019 in TL terms to reach TRY 515.8 billion. However, when calculated in dollars, this figure contracted 2.7% year-on-year to USD 90.9 billion. Of the net sales of companies on Fortune 500 Turkey, 72% came from domestic sales and 28% from exports. THY, Ford Otomotiv, Arçelik, RC Rönesans and Türkiye Petrol Rafinerileri made up the top 5 on the Fortune 500 Turkey export list, respectively.

Net profit increase with falling interest rates

Net sales revenues of companies listed on the Fortune 500 Turkey 2020 list declined last year compared to the previous year, but the fall in interest rates meant an increase in net profit. Of the 500 companies on the list, 402 reported profit and 98 reported loss. On the previous year's list, the number of loss-making companies was 119. Total net profit of companies on the list increased 44.5% year-on-year to reach TRY 78.1 billion. The 22.72% reduction in financing expenses allowed for an increase in net profit margin.

Employment Growth

Total employment for companies on the Fortune 500 list was 1.15 million in 2018 and rose to 1.24 million in 2019. The share of companies on the list in total employment in Turkey was 3.9% in 2018, and this ratio increased to 4.43% in 2019. RC Rönesans İnşaat Taahhüt ranked first in employment on the Fortune 500 Turkey list with 54,106 employees. 323 companies' net sales revenue exceeded the TRY 1 billion threshold. This number was recorded as 279 in the previous year. The number of companies with net sales revenue above TRY 10 billion increased from 29 to 33. Source