The Istanbul Chamber of Industry (ISO) unveiled the results for 2022 of Turkey’s Top 500 Industrial Enterprises Survey. This annual survey, uninterrupted since 1968, highlights the powerhouses of the Turkish industrial sector. Notably, this year, companies from the flour, pasta, and biscuit sectors featured prominently on the list.
Within the ISO 500 rankings presented by the Istanbul Chamber of Industry, the top 10 remained unchanged. Tüpraş led the charge with an impressive sales figure of 418.4 billion liras based on production. Following closely, Star Rafineri came in second with 189.2 billion liras, and Ford Otomotiv took the third spot with sales amounting to 140.1 billion.
The ISO 500 list showcased several standout companies relevant to our sector. This includes 6 flour manufacturers, 6 pasta companies, and 4 producers of biscuits, yeast, and starch.
Among the leaders in the biscuit and snack category, Eti Gıda Sanayi secured the 43rd position with production-based sales tallying up to 18.906 billion liras.
In the realm of pasta, Oba Makarnacılık Sanayi made its mark as the premier pasta company, sitting at the 118th spot with sales of 7.697 billion liras. Hot on its heels, Mutlu Makarnacılık Sanayi occupied the 138th rank, pulling in sales of 6.805 billion liras, thereby clinching the second position in the pasta sector.
The flour sector spotlighted Eksun Gıda Tarım Sanayi, the pioneers behind Turkey’s first packaged flour brand, Sinangil. They ranked 255th with sales amounting to 3.859 billion liras. Meanwhile, Ulusoy Un clinched the 273rd spot with 3.644 billion liras in net production sales. Doruk Un Sanayi, having garnered attention for its recent investment forays, secured the 465th position with sales figures of 2.239 billion liras.
Biscuit, years and starch producers.
Ulusoy: Aiming to join the top 100 industrial enterprises
Dr. Eren Günhan Ulusoy, Chairman of Ulusoy Un — currently ranked as Turkey’s 273rd largest industrial enterprise on the ISO 500 list — stated, “Our dedicated teams persistently strive towards our evolving objectives.”
Shedding light on the company’s aspirations, Ulusoy mentioned, “After advancing 102 spots on the list since 2021, our vision is broader than just flour production. We envisage Ulusoy Un becoming a global leader across the entire flour and baked goods sector. Our strategic focus is to be prominently present throughout the entire value chain, especially within the consumer segment. A significant leap in this direction was our acquisition of Söke Un in January 2022. We intend to leverage Söke’s retail product experience to expand further within the comprehensive flour and baked goods domain.”
Emphasizing their global reach, Ulusoy shared, “Exporting to 101 countries underlines our unwavering commitment to international growth. With our recent acquisition of a factory in Hatay this past April, our daily production capacity surged to 4,200 tons, fortifying our dominance in the Turkish flour market. In the coming times, we’re set on climbing into the prestigious ranks of Turkey’s top 100 industrial establishments.”
SALES SURGE 119% TO 4.485 TRILLION TRY
Erdal Bahçıvan, Chairman of the ISO Board of Directors, has attributed the delay in this year’s announcement of the ISO 500, which was previously disclosed in late May, to the devastating earthquake. Bahçıvan’s statement reads:
“We’re announcing a bit later than usual this year. To touch briefly on the reason for this delay: early this year, we were hit by the Kahramanmaraş earthquake, a tragedy that deeply scarred our nation. We mourn the loss of tens of thousands of our citizens. Our grief remains raw. From here, I offer prayers for God’s mercy upon those we lost and extend my deepest condolences to their grieving families.
The financial toll of this unprecedented disaster, which impacted 11 of our provinces, was massive. Many of our industrial sites remained non-operational for weeks. Recognizing the challenges, our government declared a state of force majeure in the affected region, giving businesses a reprieve from their tax obligations.
As you’d understand, many industrial establishments from these 11 provinces feature in the ISO 500 list every year. In 2021, 72 of them made the list. This year, that number stands at 66. Once these companies could share their financials with us, we quickly initiated and concluded our ISO 500 research.
It’s vital to note that several of our industrial facilities listed from the region experienced significant damage, some more than others. Despite the extent of the damage, every single one of our industrial entities managed to get back on their feet quickly. This resilience was made possible primarily by the sacrifices of their employees and the united support of both the government and fellow industrialists. I want to express profound gratitude to all who played a part in this recovery, especially our industry leaders.
Our ISO 500 survey, aimed at providing an in-depth health check of our industry and, to some extent, the Turkish economy, is invaluable thanks to the transparency of our participating companies. Their willingness to share vital information has been pivotal, and I extend heartfelt appreciation to all these industrial organizations for their invaluable contributions.
Before delving into the findings of our 2022 ISO 500 Industrial Enterprises survey, it’s crucial to briefly consider the backdrop against which these results emerged. Reflecting on the past year, we saw the re-emergence of global inflation and contended with price shocks primarily in the energy and food sectors due to the Russia-Ukraine conflict. Central banks globally reacted with swift interest rate hikes in response to mounting inflation. It was undoubtedly a challenging year filled with uncertainties.