Top 10 Biggest Companies in Turkey

How have Turkish companies managed to stand out on the global economic stage? From energy giants like Tüpraş and Petrol Ofisi to automotive leaders like Ford Otosan and retail giants like BİM, these 10 companies represent the power and diversity of Turkish business.

This article explores the success of these companies, examining the strategies and factors that have catapulted them to the top of their sectors and how they have contributed to the growth of the Turkish economy.

Biggest Companies in Turkey are recognized annually through a prism of various metrics that evaluate their brand value. The ascent in rankings is often a testament to a company’s ability to resonate with the market and build a firm consumer base, which in turn reflects positively on its financial standing.

When looking at the sectors that these top companies predominantly operate in, it’s evident that energy, oil, automotive, and retail sectors are the main players. Through these lenses, one can glean insights into how Turkey’s corporate giants have navigated the market dynamics to carve out their niches and fuel their growth journeys.

Turkey’s Leading Companies and Brand Power

Biggest companies in Turkey are determined annually by taking into account their brand values. Among the indicators of success are brand recognition, brand strength index, and the loyalty rates to the brand. It’s evident that brands which establish a connection with consumers and resonate with them can visibly rise in the rankings and attain a certain financial value.

When we delve into biggest companies in Turkey, they predominantly operate in sectors such as energy, oil, automotive, and retail. These sectors are frequently mentioned across several sources. This sectoral diversity might serve as an indicator of Turkey’s economic structure and provides insights into how these colossal companies have achieved their growth.

The success of energy and oil companies reflects the significance of these sectors in Turkey’s economy and the role of access to natural resources. Similarly, the success of major companies in the retail and automotive sectors underscores Turkey’s consumer demands and industrial capacity.

Considering this information, one can discern that the success of Turkey’s largest companies is attributed to a combination of factors: robust brand values, sectoral importance, and the bond with the consumer. These elements interplay to shape the corporate landscape of the country, demonstrating the prowess of Turkish businesses in navigating market dynamics and capitalizing on growth opportunities.

Advantages of Turkish Companies

The advantages of Turkish companies can vary across a wide spectrum and vary depending on various factors such as the sector, size and business model of a particular company. However, from a general perspective, we can list the advantages of Turkish companies as follows:

Advantages:

1. Strategic Location:
   • Serving as a bridge between Europe and Asia, Turkey facilitates trade across these two continents. The geographical location of Turkey eases access to regional and global trade networks.
2. Dynamic Workforce:
   • Turkey has a young and dynamic workforce. An educated and multilingual workforce assists companies in competing in international markets.
3. Emerging Markets:
   • Turkey has an emerging market and economy. There’s potential for growth in many sectors, which presents investment opportunities.
4. Government Incentives:
   • The government in Turkey offers various incentives to support foreign investors and local businesses.

Top 10 Biggest Companies in Turkey

“In Turkey, the renowned monthly economics magazine, Capital, conducted the “Capital 500″ study for the first time, ranking the top 500 private companies. Below, we’ve listed and detailed the top 10 companies in Turkey for you.”

1. Türkiye Petrol Rafinerileri A.Ş. (Tüpraş)

Success Factors:

• Strategic Position and Efficiency: Tüpraş’s strategic position as a leading supplier of Turkey’s petroleum needs, coupled with its efficient operations driven by the 2006 acquisition by Koç Holding, has propelled the company to a market value of approximately $9.91 billion in 2023. This contributes to an annual turnover of around $481.77 billion, demonstrating Tüpraş’s vital role in the energy sector.
• Technological Advancement: Consistent investment in refining technology has enhanced production capacity and efficiency, allowing Tüpraş to maintain a competitive edge within the industry.

• Sector: Energy
• Established: 1983 as a merger of four state-owned refineries.
• Headquarters: Kocaeli
• Employees: Over 6,112
• Annual Turnover: 481.765.000.000
• Market Value (2023): $9.91 billion
• Notable Achievement: Tüpraş meets a significant portion of Turkey’s petroleum needs.
• Borsa Code: TUPRS

Tüpraş, a dominant figure in Turkey’s energy landscape, was privatized in 2006 and acquired by Koç Holding. With all four refineries operational, Tüpraş plays a pivotal role in both domestic and international energy markets.

2. Türk Hava Yolları A.O (THY)

Success Factors:

• Global Reach and Connectivity: THY operates an extensive international network, spanning over 300 destinations, making it a preferred choice for travelers seeking global connections. This results in an annual turnover of approximately $311.17 billion.
• Strategic Partnerships and Operational Excellence: Strong backing from the Turkish government in terms of infrastructure development and aviation policies, combined with regular investments in modern aircraft and a commitment to high service quality, have been key drivers of THY’s growth. THY’s modernization efforts have helped it secure a market share of approximately 4% of global air traffic, positioning it among the world’s top airlines.

• Sector: Transportation
• Established: 1933
• Headquarters: Istanbul
• Employees: Over 47,000
• Annual Turnover: 311.169.000.000
• Market Value (2023): $11.18 billion
• Borsa Code: THYAO

As one of the world’s leading airlines, Türk Hava Yolları (THY) has established itself as a global powerhouse in the aviation industry, boasting an extensive flight network covering Europe, Middle East, Far East, Africa, and the Americas. Its fleet comprises some of the industry’s most extensive range aircraft.

3. Petrol Ofisi A.Ş.

• Sector: Energy
• Established: 1941
• Headquarters: Istanbul
• Employees: 872
• Annual Turnover: 205.811.475.000
• Market Value (2023): $3.3 billion
• Borsa Code: PTOFS

Initially a state company for the import, storage, refining, and distribution of petroleum products, Petrol Ofisi was privatized in 1990. Today, with over 1,900 stations, it is a significant player in Turkey’s energy sector.

4. STAR Rafineri A.Ş.

• Sector: Energy
• Established: 2011
• Headquarters: İzmir
• Employees: 1,087
• Annual Turnover: 187.953.459.527
• Market Value (2023): $369.2 million
• Borsa Code: SPRC

STAR Rafineri is a notable petroleum refinery located in İzmir’s Aliağa district. The refinery plays a crucial role in meeting about 25% of Turkey’s processed petroleum product needs.

5. OPET Petrolcülük A.Ş.

• Sector: Energy
• Established: 1992
• Headquarters: Istanbul
• Employees: Over 900
• Annual Turnover: 179.987.547.575
• Market Value (2023): $570 million
• Borsa Code: OPET

Founded by Fikret Öztürk, OPET became part of the Koç Holding Energy Group in 2002. It has been an industry leader with over 1,000 stations and a fast-growing brand in the petroleum sector.

6. Ford Otomotiv Sanayi A.Ş. (Ford Otosan)

• Sector: Automotive
• Established: 1959
• Headquarters: Istanbul
• Employees: 21,007
• Annual Turnover: 171.796.902.000
• Market Value (2023): $11.04 billion
• Borsa Code: FROTO

Ford Otosan, established by Vehbi Koç, is 2022’s leading automotive company in Turkey. With a production capacity of over 721,700 vehicles, it remains a dominant player in the market.

7. Shell & Turcas Petrol A.Ş.

• Sector: Energy – Petroleum
• Established: 2005
• Headquarters: Istanbul
• Employees: 799
• Annual Turnover: 160.888.498.000
• Market Value (2023): $3 billion
• Borsa Code: SHEL

A joint venture between Shell & Turcas, this company has been a game-changer in the retail and commercial sale of fuels and mineral oils, boasting over 1,150 fuel stations.

8. Ahlatcı Döviz ve Kıymetli Madenler A.Ş.

• Sector: Jewellery
• Established: [Year not provided]
• Headquarters: Çorum
• Employees: 139 (within this specific company), 5,003 across the holding
• Annual Turnover: 147.786.940.397
• Market Value (2023): $96.181 million
• Borsa Code: AHGAZ

Ahlatcı Holding is a major player in Turkey’s gold production and export. The company has a significant presence in various sectors, including finance, energy, health, automotive, and real estate.

9. BİM Birleşik Mağazalar A.Ş.

• Sector: Retail
• Established: 1995
• Headquarters: Istanbul
• Employees: 79,468
• Annual Turnover: 147.715.566.000
• Market Value (2023): $5.94 billion
• Borsa Code: BIMAS

Starting with 21 stores in 1995, BİM has grown exponentially and now holds the lion’s share in Turkey’s organized retail sector. It remains the country’s largest retail company.

10. Arçelik A.Ş.

• Sector: Electrical & Electronics
• Established: 1955
• Headquarters: Istanbul
• Employees: 45,000
• Annual Turnover: 133.915.508.000
• Market Value (2023): $3.55 billion
• Borsa Code: ARCLK

Founded by Vehbi Koç and Lütfi Doruk, Arçelik is a global white goods and technology company. With brands such as Beko and Grundig, it has expanded its market presence in over 100 countries. Its products range from refrigerators, washing machines, ovens, to televisions and more. Arçelik remains committed to innovation, with significant investments in research and development.