Oil refinery TÜPRAŞ, owned by Koç Holding, topped Fortune 500 list for Turkey with a net sales revenue of 53.9 billion Turkish liras ($14.8 billion) in 2017.
Turkey’s biggest oil-refinery operator TÜPRAŞ was privatised in 2006 by AKP government as the Koç-Shell consortium took over 51 per cent of TÜPRAŞ shares in exchange for 4,4 billion dollars.
According to the list, which was released on July 2, EPİAŞ, also known as the Energy Exchange Istanbul (EXIST), came in second place with a net sales revenue of 41.2 billion liras ($11.3 billion). It was followed by fuel oil distribution and lubricants company Petrol Ofisi with 40.8 billion liras ($11.2 billion) in net sales.
Turkish Airlines ranked fourth on the list with 39.7 billion liras ($8.6 billion).
Two other energy companies, Turkey’s gas grid Botaş and Opet Petroleum, ranked fourth and fifth in the list, respectively, with 33.5 billion liras ($9.2 billion) and 28.3 billion liras ($7.7 billion) in net sales revenue.
Ford-Otosan, a joint venture between Ford Motor Co. and Turkey’s Koç Holding, ranked seventh on the list with 25.3 billion liras ($6.9 billion) in net sale revenues.
BİM discount supermarkets and Arçelik, another Koç Holding company, followed them with 24.8 billion liras ($6.8 billion) and 20.8 billion liras ($5.7 billion), respectively.
Shell & Turcas, another energy company, ranked 10th on the list with a revenue of 19.6 billion liras ($5.4 billion).
It revealed that total net sales of Turkey's top 500 companies rose 29.5 percent year-on-year to hit 1.2 trillion liras ($330.3 billion) in 2017. Their net profits also surged by 52.3 percent during the same period.
Exports of the leading 500 Turkish companies totalled 286.5 billion liras ($78.7 billion), up almost 30 per cent compared to previous years.
In 2017, Turkish Airlines became the top exporter with 34 billion liras ($9.3 billion) in service exports, followed by Ford Otosan and Arçelik with 17.8 billion liras ($4.9 billion) and 15.4 billion liras ($4.2 billion), respectively.
The list includes publicly and privately held companies for which revenues are publicly available. The list is based on the Central Bank’s 2017 average dollar-lira parity at 3.64.