Dear OYAK members, dedicated employees, and valued business partners,
The year 2024, marking the first year of the Republic of Türkiye's second century, presented a dynamic landscape where numerous global and national challenges intertwined with significant opportunities, accelerating the pace of change and transformation. At OYAK, we continue to generate value for our members, employees, and all stakeholders, leveraging our rich history and commitment to sustainable growth. As Türkiye's largest pension fund, we consistently enhance our nation's economic and industrial strength.
The global economy continues to contend with high inflation, geopolitical risks, and supply-demand imbalances. Tight monetary policies implemented by central banks worldwide cause fluctuations in financial markets, while volatile energy and raw material prices impact industrial output and trade. Despite these challenges, Türkiye is making significant strides toward sustainable growth with its resilient economy.
The year 2024 was marked by intense geopolitical tensions and regional conflicts. The resurgence of the Israeli-Palestinian conflict in the Middle East, ongoing instability in Syria, the continued impact of the Russia-Ukraine war around the Black Sea, and border tensions between Iran and Pakistan directly affected Türkiye's security balance. These developments led to energy price fluctuations and regional declines in foreign trade volume, alongside increased security expenditures in border regions. Globally, China maintained a high production pace, aggressively exporting excess supply worldwide, which created market destabilization and contributed to global economic difficulties. Despite challenging conditions, the Turkish economy maintained its robust position in 2024, demonstrating a strong structure and resilient dynamics. Our country sustained stability amid global fluctuations due to disciplined public finance, strategic sector investments, and an export-oriented growth model.
In Türkiye, foreign direct investment inflows increased by 5.6 percent, reaching $11.3 billion in 2024, while the current account deficit to national income ratio decreased by 2.8 percentage points to 0.8 percent. Last year, employment in the country grew by approximately 1 million people. This development approach, which enhances production capacity, supports employment, and encourages localization in strategic areas, prepares our country not only for crises but also for the highly competitive economic environment of the future.
In 2024, we will steadfastly continue our strategic investments across our diverse fields of activity, from mining and metallurgy to automotive, and from energy to construction. We will make substantial contributions to our sustainable development goals through projects focused on green transformation and digitalization.
As part of these objectives, we will meet our companies' self-consumption needs, reduce energy costs, and minimize carbon footprints by sourcing production energy from renewable sources through our investments in Türkiye's largest unlicensed Solar Power Plants (SPP). The OYAK Renewable Energy company, established for this purpose, will ensure that all our companies' energy needs are met by renewable energy sources once these unlicensed solar power plant investments are finalized.
In addition to these investments, which will significantly reduce our carbon footprint, we continue to invest in backward integration and production efficiency within our Mining Metallurgy Companies, positively contributing to our country's economy by reducing external dependency and, consequently, imports.
OYAK: A Premier Example of a Supplementary Occupational Pension Fund
Established in 1961 as an occupational retirement fund to enable Turkish Armed Forces members to perform their duties without future financial concerns, OYAK has consistently strived since its inception to secure members' lives and enhance our country's economic strength.
Maximizing Members' Savings: The Foremost Priority
Despite global economic challenges in 2024, OYAK continued to manage its members' resources guided by principles of profitability, sustainability, and corporate governance.
With distributable resources reaching 182.0 billion TL during this period, OYAK reinforced member trust by maintaining its long-standing trend of above-inflation returns.
With a notable 55.2 percent return rate, the institution achieved remarkable growth, increasing its member assets from 332.8 billion TL to 494.9 billion TL in 2024, a 48.7 percent increase in one year. This achievement reflects not only financial discipline but also institutional strength.
On behalf of our Board of Directors and members, I extend my gratitude, recognizing this success as a culmination of OYAK's 63-year corporate culture, transparent and simultaneous information sharing among management bodies, and the high level of experience, knowledge and harmony particularly between the Board of Directors and General Management. This success is also a testament to the dedicated and results-oriented teamwork performed under the leadership of our General Manager.
Member-Centric Service for Enhanced Member Satisfaction
As of the end of 2024, 66.2% of OYAK members held optional memberships, while 33.8% held mandatory memberships. Our legal aid to members increased by 62.6%, reaching 38.7 billion TL. Total payments to 74,529 members within the Pension System in 2024 amounted to 16.1 billion TL.
In 2024, as part of our efforts to enhance and improve member relations through high-quality services—and to ensure the highest level of member satisfaction by identifying, recording, and swiftly resolving member complaints and expectations—the OYAK Member Communication Center responded to 334,524 calls and 63,596 emails.
Increased Member Interaction, Expanded Services
OYAK consistently offers user-friendly applications suitable for remote access by adopting current technologies across all its services.
The OYAK Health Platform (OSP), which provides discounted health services to our members, employees, and their relatives, delivered efficient services in 2024. The coverage of our services significantly expanded in 2024, with the number of registered individuals exceeding 945,000.
Currently, a total of 459 contracted private healthcare institutions in 42 provinces and the Turkish Republic of Northern Cyprus offer discounted services to our members.
The OYAK Platform, designed specifically for OYAK members, employees, and their relatives, offers easy access via its webpage and mobile application. In addition to products and services from OYAK Companies, the OYAK Platform provides educational discounts at 576 campuses and branches of 59 private educational institutions across 63 provinces through the OYAK Health Platform.
By the end of 2024, the number of OYAK Platform users reached 446,464, with 404,328 individuals utilizing its products and services.
The OYAK Doktorum mobile application, developed to easily meet the healthcare needs of our members and their relatives, provided free medical consultancy services to a total of 74,735 users as of 2024.
As throughout its 63-year history, OYAK will continue to prioritize the welfare and well-being of its members in all strategic decisions.
Long-Term Value Creation
At OYAK, we operate with the vision of being a significant stakeholder in every sector we engage with, and we steadfastly pursue our innovative practices and strategic investments.
In today's rapidly evolving global competitive landscape, we lead sustainable growth through extensive transformation efforts in diverse areas, from mining metallurgy to cement and concrete paper, from automotive to logistics, from chemicals and agriculture to energy, and from finance to food. We enhance our efficiency through R&D and digital transformation projects, while our strong financial structure and dynamic business models securely guide our companies and stakeholders into the future.
OYAK will continue to be a "Power that shapes not only the present but also the future," consistently creating long-term value.
Our Successes Ensure Our Future
Inspired by Gazi Mustafa Kemal Atatürk's words, "Economic development is the backbone of the ideal of a free, independent, always stronger, always more prosperous Turkey," we are diligently working to augment our country's economic and industrial power.
As OYAK, we will continue to contribute to Türkiye's development through our management approach and sustainable investments, fostered by the trust of our members. We understand that our success is a guarantee not only for today but also for our future.
Dear Stakeholders,
With our deeply rooted and robust 63-year structure, we continue to serve our members and our country, collaborating with our companies and stakeholders.
In alignment with our foundational mission, we are committed to providing sustainable income to our members in the coming years and to advancing our operations with strong and confident steps.
OYAK will persist in producing and sharing by optimally evaluating risks and opportunities through its corporate competencies and robust management approach.
On this occasion, I extend my most sincere gratitude, on behalf of myself and the OYAK Board of Directors, to our Representative Board and General Assembly members, our senior management team, and all our employees.
I respectfully and gratefully commemorate all our managers and employees who have served OYAK for 63 years, wishing good health to those who are alive and God's mercy to those who have passed away.
Respectfully,
Mehmet TAŞ
(Ret.) Major General
Chairman of the Board of Directors
