Turkish defense contractor ASELSAN posted TL 5 billion ($1.3 billion) in turnover last year, according to its annual report.

The report revealed how ASELSAN's economic volume and its responsibility in Turkey's defense industry have grown over the years.

Even though Turkey's defense expenditure fell to $14.8 billion from $17.9 billion by the end of 2016, the amount still made up some 2 percent of the country's gross domestic product (GDP). And despite the ratio of defense expenditures to GDP has remained stable, the number of projects ASELSAN was contracted for has increased.

The report said that the U.S., China, Russia, Saudi Arabia and India were the top five countries that spend most on defense projects and products in 2016.

It recorded the value of ASELSAN projects by the end of 2017 at $6.8 billion and the company also secured contracts worth $932 million after the balance sheet announcement.

ASELSAN's contracts were worth $4.3 billion in 2015 and $6.2 billion in 2016.

Throughout last year, ASELSAN responded to the sector's demands from Turkey and abroad in communications and information technologies, defense technologies, radar and electronic warfare systems, microelectronic guided and electro-optic systems, as well as transportation, security, energy and automation.

In return, the company secured a turnover exceeding TL 5.3 billion, TL 4.5 billion of which came from sales to local companies and TL 784 million came from exports.

Accordingly, the turnover of the company saw a 42 percent increase compared to last year.

ASELSAN's turnover in 2015 and 2016 was respectively recorded at TL 2.7 billion and TL 3.7 billion.

ASELSAN made TL 1.3 billion in net profit last year.