ASELSAN, one of Turkey's leading defense contractors, has had a brilliant run this year after sales in the first nine months hit TL 3.5 billion ($920 million), 60 percent more than the same period of last year.

The figures were revealed in the company's annual report for between Jan. 1 and Sept. 30. The report said that around 2 percent of Turkey's gross domestic product (GDP) was generated by defense spending, even though Turkey's annual defense expenditure declined from $17.9 billion to $14.8 billion over the last five years due to high exchange rates. The GDP and defense spending ratio, however, remained stable while the number of new projects received by the company has increased over the years. As of Sept. 30, ASELSAN was involved in contracts worth more than $6.4 billion. After identifying target regions and countries, ASELSAN conducts intensive marketing activities to match its sustainable growth objectives. In addition to direct sales, the company also targets strategic partnerships for joint production, transfer of technology and sales to the third countries with international platform manufacturing companies.

The Turkish defense giant has also targeted civil electronics field that requires advanced technology in its growth strategy. Considering the deliveries from previous years and newly received orders, of which a majority was in foreign currency, as well as the value of Turkish lira, ASELSAN's economic indicators are positive.

The company had realized consolidated net sales of TL 2.2 billion - TL 1.8 billion in the domestic market and TL 324.5 million internationally - from January to September last year.

During the same period this year, however, its domestic sales reached TL 2.9 billion while foreign sales stood at TL 498.7 million, amounting to TL 3.45 billion, as sales figures soared more than 60 percent.

The company's sales in 2015 were estimated at TL 2.78 billion, and TL 3.77 billion in 2016.

In comparison to last year, ASELSAN's profit has nearly doubled. It generated a profit of around TL 389.26 million in the January-September period of last year. That figure reached around TL 828.1 million this year.