Dear Members, Esteemed Business Partners, and Employees,
The year 2024 was characterized by global volatility, geopolitical uncertainty, and tightening monetary policies. Difficulties in international markets intensified due to supply chain disruptions, regional conflicts, and high inflation. During this period, the tightening measures implemented by Central Banks to combat inflation made access to funds challenging in both developed and developing economies. While global recession expectations fluctuated throughout the year, the business world demanded the highest levels of flexibility and adaptability. The Turkish economy, influenced by policies implemented to combat inflation, entered a balancing process in 2024, demonstrating improved performance in production, employment, and exports. Recovery undeniably requires time, and accessing funds in Türkiye during this period proved to be quite difficult and costly.
OYAK Transformed Risks into Opportunities
As Türkiye's most successful supplementary occupational pension fund, OYAK effectively transformed domestic and foreign market risks into opportunities through astute foresight, drawing upon its 63-year deep-rooted history and the strength derived from its solid institutional foundation.
Despite the challenges, creating value for our members and the national economy remained our priority. We strengthen this value not only through financial growth but also through our investments aligned with principles of innovation, digital transformation, and sustainability.
Leveraging the experience gained in various geographies, we continue to make significant progress in the sectors where we operate throughout the year, taking solid steps in line with our vision of creating sustainable value.
Financial Performance and Contribution to Growth
As of the end of 2024, our total assets reached 1.209 billion TL, while our total revenue increased to 637 billion TL. Concurrently, we achieved export revenue of $6.0 billion, representing a 2.31 percent share of Türkiye's total exports. In 2024, OYAK and OYAK Companies paid 127.1 billion TL in taxes.
While breakthroughs in industry, energy, and finance, as part of OYAK's investment strategies, form the fundamental dynamics of our sustainable growth, we strengthened our position in global markets by expanding our sectoral diversity throughout 2024.
In addition to our sector-specific efforts, we emphasized portfolio diversification and developed innovative financial solutions to securely manage our members' savings. Through our strategic management approach, we successfully provided our members with strong and stable interest income during this period. While distributed resources increased significantly in 2024, we solidified sustainable profitability through our cost optimization and revenue diversification strategies.
These achievements are underpinned by the contributions of over 38,000 employees at OYAK and OYAK Companies, who perform their duties with a strong sense of belonging and dedication, and the strategic vision of our management team. I also wish to take this opportunity to thank the Chairman of the Board of Directors and the members of the Management and Supervisory Boards for their trust, guidance, and unwavering support.
A Global Trust Indicator: International Funds and Collaborations
Confident in the Turkish economy and its future, we are working to strengthen our country's presence in the global arena. The strategic collaborations we forged during this process strongly reflect the international trust placed in both our country and the Institution. The $500 million fund established in partnership with the Oman Investment Authority represents not only capital inflow but also the confidence global investors have in our country and the Institution. Through this fund, we will continue to diversify our investments in strategic areas and amplify our global impact.
Global Breakthrough in Mining and Metallurgy
OYAK Mining Metallurgy Companies continue to expand their production capacity and sustainability-focused investments, increasing their global competitiveness in the steel and mining sectors. The decision to designate Erdemir, Türkiye's global steel power operating under OYAK Mining Metallurgy Companies, as a Special Industrial Zone will contribute to Erdemir's 2050 net-zero emission target and accelerate the company's employment and investments.
The 4th Coke Battery, recently commissioned to replace Erdemir's first and second batteries that have been operational since its establishment, incorporates numerous high-tech features such as dust collection filter systems and advanced automation. With an annual capacity of 800,000 tons, the 4th Coke Battery will enhance our environmental performance and coke production quality while reducing reliance on imported coke.
Erdemir, Türkiye's leading integrated flat steel producer, accelerated its investments in line with its green transformation target, guided by the Net Zero Roadmap announced at the beginning of 2024. In this context, the first Blast Furnace hydrogen injection was successfully completed, and a pilot Pyrolysis Plant with an annual biochar production capacity of 7,000 tons was also put into operation.
Erdemir's inaugural Eurobond issuance in the company's history attracted demand from over 130 international corporate funds, exceeding four times the planned issuance size. Total demand for this $950 million issuance, which will be traded in European and U.S. markets, surpassed $2 billion. This figure marked the highest demand in 2024 among private sector Eurobond issuances in Türkiye.
In 2024, construction of the pelletizing facility –a project involving an investment of approximately $550 million– began in Ermaden’s iron mine field in Bingöl-Avnik. This project represents the largest drilling operation in the region in the history of the Republic. Continuous drilling operations revealed an approximate 250-300 million tons of magnetite iron ore reserve in the area, sufficient for 30 to 35 years. Erdemir's significant step in backward integration with this strategic investment will substantially reduce external dependency on this crucial raw material. Upon completion of the Bingöl Avnik Pelletizing Facility, the aim is to increase Erdemir's pellet self-sufficiency rate from 25-30 percent to 80-85 percent, and its total ferrous raw material self-sufficiency from 15-20 percent to 40-45 percent.
While we diligently examine potential investment opportunities in mining both domestically and internationally to create value, our strategic investments in this direction will continue to gain momentum.
Strategic Transformation in the Automotive and Logistics Sector
Oyak Renault, one of Türkiye's most established automotive production partnerships, continues to drive the development of our country's automotive sector. In 2024, the company strengthened its investment focus on hybrid and electric vehicle production, significantly contributing to sustainable mobility by introducing innovative solutions that enhance fuel efficiency and reduce emission levels through investments in next-generation engine technologies.
Oyak Renault, one of Türkiye's most advanced production centers, continues to be a production base that strengthens the Renault Group's competitive power. Production of the Duster model, widely acclaimed globally and with a vast user base for many years, has commenced at the Bursa Oyak Renault Automobile Factories, which boast Türkiye's highest passenger car production capacity. By reinforcing our leadership in the Turkish market, we aim to transform the Bursa factory into an export hub serving not only Europe but also countries worldwide. We maintain our leadership in automobile production through our strong export performance.
The "Automotive Focused Ro-Ro Port" project, a critical need for our country's automotive sector—the locomotive of Türkiye's exports—was implemented in the Körfez district of Kocaeli in partnership with OYAK Port and Japan's NYK Line (Nippon Yusen Kaisha). Port Yarımca, developed to reroute global automotive logistics, stands out as the largest-scale port project in its field and represents the first such project undertaken with a foreign partner in Türkiye. Since its opening, Port Yarımca has continuously met the increasing needs and demands of the automotive industry, serving as the new center of global automotive logistics while significantly contributing to the Turkish economy.
Omsan Logistics, actively working to comply with the European Green Deal and Border Carbon Regulation—key agenda items for the logistics sector—has earned the ISO 14064 Greenhouse Gas Calculation and Verification Management System Certificate, positioning itself among Türkiye's leading companies with this accreditation.
Through this comprehensive ecosystem, OYAK Automotive Logistics Companies further solidified its sector leadership in 2024 by offering integrated solutions not only in production and sales but also in financing, the second-hand market, maintenance, charging infrastructure, and logistics.
Sustainable Growth in the Chemical and Agricultural Sector
OYAK Chemical and Agricultural Companies continued to enhance their competitive power in the global market throughout 2024, achieving stable progress in sustainable production and technology investments.
Operating with an awareness of its responsibility towards future generations and conducting all activities in line with the principle of "sustainability," Akdeniz Chemson continues its operations across five continents and exports to over 100 countries. Akdeniz Chemson, the world's largest producer in its field, reconfirmed its success through its operations, entering the top 5 percent of companies evaluated by the EcoVadis platform, with its Türkiye factory receiving a gold medal. This success is expected to be reinforced with new investments in China and Austria, further boosting Akdeniz Chemson's global strength.
With the new investment we will make with Almatis in China, one of the world's largest markets, we have the opportunity to expand our global network while increasing our production capacity. This strengthens OYAK's global competitive power by leveraging Almatis' potential in the region. As part of our growth strategies, a new investment will be realized in the area where our existing calcined alumina facility is located in China's Qingdao Economic Development Zone. This facility is expected to expand Almatis' sphere of influence in potential markets with its high value-added production. Almatis remains committed to offering integrated solutions that add value to producers, the environment, and the economy, based on principles of technological transformation and sustainability.
Our carbon black production facility, constructed in Iskenderun as Türkiye's first, is capable of meeting our country's entire annual carbon black need of 220,000 tons. OYAK's carbon black investment will significantly reduce carbon black imports starting from the first year of production. In addition to reducing the current account deficit, this new investment will also contribute to the country's economy and foreign trade through its export potential.
HEKTAŞ Leads the Agricultural Sector
While food security is a primary agenda item for the agricultural sector globally and in Türkiye, climate change, population growth, migration, geopolitical risks, epidemics, natural disasters, and economic fluctuations also shape national agricultural policies. In this period where food supply security is discussed alongside new concepts like 'protectionist trends in food trade' and 'food nationalism,' sustainable agricultural production has become a strategic necessity for countries.
HEKTAŞ, which has assumed a leading role in its sector through R&D studies conducted in line with its vision of providing sustainable and innovative solutions to the agricultural sector, will carry out its local and national seed development studies under the HEKTAŞ Seed brand. HEKTAŞ, having redefined the rules of sustainable and efficient growth in agricultural production through its investments over the past eight years, supports both producers and consumers with innovative applications that integrate technology into production, and pioneers the 'Agriculture 5.0' approach as a global player.
Additionally, Arma İlaç continues to produce animal health and pet food for Türkiye and export markets, further diversifying the sector.
Transformation and Strategic Investments in Energy
Recognizing the energy sector as a strategic priority, OYAK diversifies its investments accordingly. Positioning itself among industry giants, OYAK Energy Companies are focused on providing reliable, environmentally friendly, and innovative solutions to meet the country's energy needs through substantial investments.
GüzelEnerji's TotalEnergies Stations brand, operating under OYAK Energy Companies, continues to grow with stations managed by the TSK Mehmetçik Foundation. Three new stations operated by the Turkish Armed Forces Mehmetçik Foundation began operating under the TotalEnergies Stations brand in 2024.
While making strategic investments with our OTOJET brand, one of the OYAK Energy Companies, to provide stronger integration into our country's electric vehicle transformation, it also leads the sector in expanding charging infrastructure.
The strong growth that GüzelEnerji has achieved with the M Oil brand over the past four years is a direct result of our strategic investments in lubricants and the trust we have earned within the industry. Looking ahead, a new manufacturing facility is planned to produce 25 select high-performance products under the M Oil and Valvoline brands, operating under the OYAK umbrella.
We are continuing the transformation of our solar power plants to meet our companies’ energy needs, reduce their carbon footprint, and generate additional income. Through its diversified energy investments, OYAK remains a leading force shaping the energy market in Türkiye.
Repositioning with Our Transforming Structure in the Food Industry
Our companies operating in the food sector—which we have identified as a strategic priority in line with our vision for sustainable growth—aim to address consumer needs from a broader perspective by expanding their product portfolios throughout 2024. During this period, the steady and rapid growth of our distribution network has significantly increased our market reach and on-shelf presence in both national and local retail chains across Turkey, further enhancing our effectiveness and competitiveness in the market.
TAMEK and Sagra brands produce specialized products for domestic and foreign markets with a wide product range. In this regard, our primary goal is to create transformation-oriented value. As one of Türkiye's well-established brands in the chocolate products market, Sagra aims to achieve a strong and effective position in domestic and international markets with its existing and newly developed product portfolio.
Critical investments are being implemented with TAMEK, a pioneer in the Turkish food industry, to achieve targeted efficiency in the production of ready-made food products. TAMEK, known as the brand of firsts, maintains its strong market position through its consumer-oriented approach and OYAK's innovative vision.
The renovations and new investments in food companies aim to increase automation and efficiency in production and expand capacity for local and export markets.
Strength Integrated with Digitalization in the Finance Sector
We continue to strengthen our preparations for the future by expanding our solid foundations in finance through determined steps aligned with digital transformation.
Operating in Germany, ANKER Bank sustained its strong performance in 2024. Our digital banking investments have also gained momentum through our technology subsidiaries and international collaborations. Solutions developed by Birleşik Ödeme Hizmetleri in partnership with United Payment have further solidified our position in the digital finance ecosystem by increasing our influence in this area.
As OYAK, we continue to make resolute investment steps towards digital transformation and innovation-focused initiatives. Through our Venture Capital Investment Funds, we support business ideas that can transform the market and provide long-term economic added value, while developing future areas of benefit for our members and customers.
OYAK Yatırım, one of our country's established brokerage firms, maintained its growth momentum with its brokerage transactions in 2024. Distinguished by its strong financial structure and corporate reliability, OYAK Yatırım's long-term credit rating has been elevated to AAA, the highest level, by JCR Eurasia Rating.
Sustainable Living Spaces on Solid Foundations
OYAK İnşaat steadfastly operates as one of the leading brands in the construction sector, known for its technical expertise, high quality standards, and service approach. Committed to creating long-term value for our members and customers, the company has carried out new housing projects without interruption throughout 2024—guided by the principle of delivering environmentally friendly, sustainable, safe, and high-quality living spaces.
While construction of the OYAK Silüet project, located within the OYAK İstanbul Başakşehir project area, continues, efforts to commence construction are ongoing for the Elegant, Medyan, Valley, and Solo projects. In this context, the sales process for the OYAK Silüet Project, comprising 1,026 homes offered primarily to OYAK members, is ongoing.
Construction of the Seyirce 2nd Stage Project, consisting of 312 homes, has begun, and announcements regarding the project's allocation to OYAK members have been made. Construction permits have also been obtained for the Seyirce 3rd Stage, with 426 homes, and the Seyirce 4th Stage, with 526 homes, both located in the same region.
Following the approval of zoning plans, the zoning application and title deed registration procedures for OYAK’s real estate in İzmir Mordoğan have been completed. As part of our efforts to generate sustainable income for OYAK members through sales revenue, construction permits have been obtained for 225 villa-style residences. The project has been developed with careful consideration of the region’s architectural character and natural land structure. Construction is now underway, and approval processes are also ongoing for a Marina Project with a capacity of 159 yachts.
While the project development process for OYAK Ayazağa real estate in İstanbul's Sarıyer district has been completed, construction permits for residential and commercial units have been obtained from the relevant municipality. Construction work is progressing according to plan.
Zoning revision work for OYAK İzmir Çiğli real estate has been completed. Construction of the Çiğli 1st Stage 216 home project has begun, and allocation announcements have been made for OYAK members. The sales process for this project is currently ongoing.
We Will Continue to Grow Our Members' Assets and Enhance Their Prosperity in Every Field
OYAK remains steadfast in its mission to deliver sustainable value by safeguarding the savings of its members. Looking ahead to 2025 and beyond, OYAK will continue its growth through dynamic portfolio management, digitalization, green transformation, and global investment strategies.
We will further strengthen our competitive position both in Türkiye and international markets through our companies operating across a diverse range of sectors—from mining and metallurgy to cement, concrete, and paper; from automotive to logistics; and from chemicals and agriculture to energy, finance, and food. By closely tracking global economic trends and technological advancements, we will continue to move forward with a management approach rooted in sustainability principles, while carefully considering environmental and social impacts.
Inspired by Mustafa Kemal Atatürk’s words, “The Republic of Turkey will prove that it is worthy of its place in the world with the work it will accomplish,” we at OYAK are committed to working with all our strength to further expand our country’s economic and strategic influence. Our core approach is to seize opportunities both domestically and internationally, while accurately anticipating risks to create sustainable value. We will continue to take decisive steps to grow our members’ assets and to protect and enhance prosperity across all areas.
As we remember with reverence our heroic martyrs—foremost among them the Founder of our Republic, Gazi Mustafa Kemal Atatürk—and express our heartfelt gratitude to our veterans, we reaffirm our commitment to being the "Power that Shapes the Future." We will continue on this path with the valuable contributions, insights, and suggestions of our esteemed members, dedicated employees, and trusted business partners.
Respectfully,
Süleyman Savaş ERDEM
CEO
Board Member
