Union of Chambers and Commodity Exchanges of Turkey

Led by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), in collaboration with the Turkish Economic Policies Research Foundation (TEPAV) and TOBB University of Economics and Technology (ETÜ), the competition for Türkiye’s 100 fastest-growing companies, based on companies’ two-year revenue growth between 2021 and 2023, has concluded.

The Türkiye 100 results were announced at a ceremony hosted by TOBB President Rifat Hisarcıklıoğlu, with the participation of Vice President Cevdet Yılmaz and the business community.

In his speech at the ceremony, TOBB President M. Rifat Hisarcıklıoğlu said that the average revenue growth of Türkiye’s 100 fastest-growing companies during the period in question was 1644%.

Hisarcıklıoğlu emphasized that these companies outperformed Türkiye’s national income growth by a factor of six, stating, “During the same period, they increased their per-employee production, or productivity, by an average of 718 percent. They also provided employment to an average of 127 people each. They increased their total employment by 88 percent. Sixty-seven percent of Türkiye’s 100 companies export. They export to exactly 67 countries.”

- “We must facilitate access to financing for the real sector.”

Hisarcıklıoğlu continued, noting that the average age of the Türkiye 100 companies is approximately 12 years and that 91% of them invest in information technology: “They do not view the resources allocated to employee training as an expense; they attach great importance to it. Eighty-four percent organize internal and external training activities to improve the qualifications of their employees. Fifty-nine of the Türkiye 100 companies have benefited from the support provided by our ministries and the public sector. When the public and private sectors work hand in hand, support programs prepared with collective wisdom yield such concrete and positive results. On the other hand, another issue stands out here. Two-thirds of Türkiye’s 100 companies indicate that they need financing to sustain their growth. Therefore, we must facilitate access to financing for the real sector, especially SMEs. We are continuously monitoring this issue and communicating it to the relevant authorities.”

Hisarcıklıoğlu pointed out that the list included companies from 25 cities, with 22 of the 100 companies coming from İstanbul and 78 from Anatolia. He stated that there were 34 sectors represented, ranging from information technology to machinery, wholesale trade to metal products, and electronics to engineering.

Emphasizing the importance they attach to the program, Hisarcıklıoğlu made the following assessment: “Those who deserve the most praise are our entrepreneurs, who play a pioneering role in the enrichment of this country, who produce, export, and provide employment. We want these well-managed companies with a bright future to have more opportunities and grow even more. That is why we are introducing Türkiye’s 100 fastest-growing companies to everyone, making it easier for them to reach investors and customers. We want them to be active not only domestically but also abroad, and to export.”

-”Entrepreneurs are not pessimistic; they are always hopeful.”

Emphasizing that entrepreneurship is the key to enrichment and development in this era, Hisarcıklıoğlu said, “We also need more entrepreneurs. As you know, entrepreneurship is a labor of love. That’s why we want to increase the number of entrepreneurial role models with the Türkiye 100 competition. We want every company here to be an example for new entrepreneurs.”

Hisarcıklıoğlu shared that companies that applied to the Türkiye 100 program but did not make it into the top 100 still grew by an average of 245 percent during this period.

Recalling that the Turkish business world has gone through many difficult processes so far, Hisarcıklıoğlu concluded his remarks as follows: “By joining hands, the public and private sectors have managed to overcome all these difficult periods. Therefore, we must never succumb to pessimism. We must not give up in the face of difficult conditions. Because entrepreneurs are not pessimistic; they are always full of hope and excitement. As the Turkish private sector, we say, ‘If we could do it yesterday, we can do it today.’ Türkiye will take its place among the world’s largest economies and become a leading country. We will achieve this by working together again.”

- Vice President Yılmaz

Vice President Cevdet Yılmaz said that Türkiye has effectively managed the process with its political stability, strong institutions, and determined policies in a global environment marked by intensifying conflicts, increasing uncertainties, and deepening crises.

Yılmaz said that according to the Medium-Term Program (MTP), they estimate that by the end of this year, Türkiye’s economy will exceed $1.5 trillion in volume, with per capita income above $17,000, adding that Türkiye will have entered the league of high-income countries for the first time in its history.

Yılmaz stated that they have implemented a coordinated, multidimensional, and determined policy to reduce inflation, saying: “Our goal is an inflation rate below 30 percent by the end of the year. Next year, we aim for an inflation rate below 20 percent, and by 2027, we aim to bring our country back to single-digit inflation. We are making every effort to achieve this. It is not easy. While healing the wounds of the earthquake on one hand, closely monitoring and responding to geopolitical developments around us on the other, we are also implementing this program. While reducing inflation, we are also maintaining our growth performance at a certain level.”

Speaking about the 2028 targets in the MTP, Yılmaz said that they would permanently reduce inflation to single digits, bring the current account deficit down to around 1 percent, create 2.5 million additional jobs over the next three years, and act with a perspective of reducing the unemployment rate below 8 percent for the first time.

Yılmaz said that by 2028, goods exports would exceed $300 billion, service exports would exceed $150 billion, including $75 billion from tourism, and that they aimed to bring the national income close to $1.9 trillion and per capita income to $21,000.

- “Successful companies need to be analyzed well.”

Yılmaz pointed out that in a period when global value chains are being reshaped, inward-looking economies have no chance of achieving sustainable growth, saying, “Türkiye’s ability to achieve a more prosperous future depends on deepening its integration with the global economy, expanding access to foreign markets, and increasing cooperation with international capital. The Turkish private sector, with its innovative capacity and entrepreneurial dynamism, is the vehicle for these goals.”

Yılmaz stated that the Türkiye 100 Program is significant in this sense, serving as a platform that recognizes the most successful companies that demonstrate the rapid growth potential of the Turkish private sector and highlights their success stories on a global scale. He said, “Rewarding successful companies is important, but what is more important, I believe, is directing the entire entrepreneurial system towards a success-oriented culture. These successful companies really need to be analyzed well. In the sense that they should guide our other businesses.”

Yılmaz said that it was very meaningful to see that most of the companies in the top 100 provided services in the digital field, benefited from state support, and more than half of them exported.

Following the speeches, awards were presented to the companies that made it onto the “TOBB Türkiye 100 - Türkiye’s 100 Fastest-Growing Companies” list.

- They grew six times faster than the national average.

The list included companies from 25 different provinces and 34 different sectors. The average growth rate in sales revenue for the companies in the top 100 over the 2021-2023 period was 1,644%. The increase in nominal revenue reached six times the increase in Türkiye’s nominal national income. Twenty-four of the fastest-growing companies were from Ankara, and 22 were from İstanbul. These were followed by six companies each from Balıkesir and İzmir.

Deeptech Universe Savunma ve Bilişim Teknolojileri AŞ, based in Ankara, took first place with a 19,153 percent increase in turnover in two years. Kahramanmaraş-based Batı Kipaş Paper Industry and Trade Inc. ranked second with a growth rate of 18,93%, while İstanbul-based Figo Commercial Information and Application Platform Inc. ranked third with a growth rate of 5,126%. It was noteworthy that 8 of the 10 fastest-growing companies were based in Ankara.

The nominal revenue growth rate of the 100 fastest-growing companies in the 2021-2023 period was six times higher than Türkiye’s nominal national income growth. The average growth rate of companies in the 2021-2023 period was 1,644%.

- 67 of the top 100 fastest-growing companies are exporters.

The Türkiye 100 list includes companies from 34 different sectors, with the highest concentration in computer programming and consulting. This was followed by wholesale trade and machinery and equipment manufacturing. Sixty-seven of the 100 fastest-growing companies export to 67 different countries. Germany stands out among the countries to which exports are made.

- Young managers, young companies

The Türkiye 100 list includes young companies with young managers. The average age of the companies is 11.9 years. The companies were founded between 1986 and 2018. The average age of the CEOs (General Managers) is 45. There are 11 companies with CEOs under the age of 35. Seven of the 100 companies are managed by women.

- Qualified human resources

The decision-makers at the companies on the Türkiye 100 list have high levels of education. The most senior executives at 75 companies have a university degree or higher. The companies also appear to have qualified human resources. There are 43 companies where more than 50% of the total workforce has a university degree or higher. There are 32 companies that sell through digital platforms (e-commerce).

- The 10 fastest-growing companies

Company                                                             2021-23 Growth Rate %                   City

1-Deep Universe AŞ                                                          19153                                    Ankara

2-Batı Kipaş AŞ                                                                  18093                                    K. Maraş

3-Figo AŞ                                                                             5126                                      İstanbul

4-Gardiyan Sistem AŞ                                                       4891                                      Ankara

5-MS Spektral AŞ                                                               4333                                      Ankara

6-Prime Sistem Teknoloji AŞ                                           3996                                      Ankara

7-İkas Teknoloji AŞ                                                            3547                                      Ankara

8-Intecro Robotik Otomasyon AŞ                                    3522                                      Ankara

9-İdak Havacılık AŞ                                                           3481                                      Ankara

10-Üzümcü Hastane Ekipmanları AŞ                             3240                                      Ankara

- Türkiye 100 has companies from 25 different provinces

Ankara                  24

İstanbul                 22

Balıkesir                6

İzmir                      6

Konya                    5

Adana                   4

Bursa                     4

Antalya                  3

Eskişehir               3

Kayseri                  3

Kocaeli                  3

Mersin                   3

Sakarya                2

Bolu                       1

Denizli                   1

Düzce                    1

Elazığ                    1

Gaziantep             1

K. Maraş               1

Kastamonu          1

Mardin                   1

Ordu                      1

Samsun                1

Sivas                     1

Tekirdağ                1