'Anatolia 500' largest company aims for top 20 global ranking

Tosyali Holding’s subsidiary, steel tube manufacturer Toscelik once again secured the top position on the "Anadolu 500" list, marking the ninth time since 2013 that Toscelik has claimed the top spot based on revenue.

Speaking to the Turkish business magazine Ekonomist, Tosyali Holding Chairman Fuat Tosyali expressed Toscelik's ambition to rank among the top 20 in the global steel industry within five years, emphasizing new investments abroad. Tosyali remarked on cooperation with Sonangol, the national oil company of Angola, to establish an integrated iron and steel facility in addition to their existing iron ore investment.

Anatolia’s largest company aims for top 20 global ranking

Tosyali Holding Chairman Fuat Tosyali attends the "A World Story" exhibition in Istanbul, Türkiye, on Oct. 28, 2024. (IHA Photo)

The Anadolu 500, prepared annually by Ekonomist, highlights companies based on their revenue. Kardemir, which slipped from fourth in 2021 to fifth in 2022, climbed to second place this year. Yildiz Entegre, which was ranked seventh last year, rose to third place. SASA Polyester, a subsidiary of Erdemoglu Holding, claimed the fifth spot.

Here are the top 10 companies in the Anadolu 500, a ranking of businesses headquartered outside Türkiye’s major cities—Istanbul, Ankara, and Izmir—based on their 2023 revenue:

Four holdings constitute 4% of Anadolu 500 revenues

Anadolu 500 companies grew by 40% in 2023, reaching ₺2.72 trillion ($78.7 billion); however, reduced production due to higher inflation negatively impacted economic growth and exports:

• The share of these companies’ revenue in Türkiye's GDP fell from 13.07% to 10.2%.
• Export performance also weakened, with total exports from the Anadolu 500 declining by 16.5% to $20.69 billion.
• Their share in Türkiye’s total exports dropped from 9.7% to 8.1%.

Despite economic challenges, including high inflation and depreciation of the Turkish lira, the total revenue of the Anadolu 500 list achieved total revenue of ₺5.4 trillion in 2023, with approximately 4% of this revenue generated by four holdings as follows:

• Sanko Holding, active across sectors such as cement, energy, packaging, and textiles, stood out with eight companies in the list, collectively generating ₺56.5 billion ($1.63 billion) in revenue and employing 9,430 people. The holding also achieved $336 million in exports, focusing on investments in denim and recycling.
• Erciyes Anadolu Holding, renowned for its brands Istikbal and Bellona, managed ₺47.9 billion ($1.38 billion) in revenue and $504 million in exports through its eight listed companies.
• Meanwhile, Kahramanmaras-based Kipas Holding contributed seven companies to the list, with a combined revenue of ₺34 billion ($980 million).
• Erdemoglu Holding from Gaziantep, which brought the most companies to the list from the region, ranked fourth overall with a total revenue of ₺74.6 billion ($2.16 billion) and $783 million in exports.