Borusan Publishes Its 2024 Integrated Annual Report

Borusan Holding has released the fourth edition of its Integrated Annual Report, first published in 2021—a pioneering effort among holding companies in Turkey. Continuing its vision to thrive for 200 years and beyond, the Group demonstrated strong performance in financial, environmental, social, and governance (ESG) areas throughout 2024.

Since 2021, Borusan Holding has transparently shared its strategy, goals, and performance through comprehensive reporting aligned with global sustainability and reporting standards. Marking its 80th anniversary, the Group released the 2024 Integrated Annual Report under the theme “From Roots to Future,” showcasing both its financial success and its transformative progress across ESG dimensions.

The report provides a detailed analysis of Borusan Group’s operations across key sectors—automotive, logistics, energy, manufacturing, machinery, and power systems—highlighting growth, innovation, and transformation in each field. It also emphasizes Borusan’s commitment to core values such as sustainability, innovation, and investing in people. Independent limited assurance of the Group’s non-financial performance indicators further reinforces its dedication to transparency and accountability.

 

Erkan Kafadar: “We are transforming in every area and moving forward with determination.”

Erkan Kafadar, CEO of Borusan Group, reflected on the company’s achievements:

“In 2024, as we celebrated our 80th anniversary, we continued to grow and transform holistically across all areas. Guided by our vision to carry Borusan into the next 200 years and beyond, we focus on sustainable growth while carefully evaluating every opportunity that will strengthen our presence in existing and emerging markets.
Through our recent strategic investments, we achieved operational success while advancing steadily toward our sustainability goals. In 2024, we expanded our renewable energy projects, improved efficiency to reduce energy consumption, recovered water and waste, and reduced our Group-wide greenhouse gas emission intensity by 27% compared to the previous year.
The trust of our stakeholders and the dedication of our teams remain our greatest motivation on this journey. Moving forward, we aim to sustain this strong momentum and continue raising the bar across all our business areas.”

 

Creating Sustainable Value Through Responsible Investment

Since its founding in 1944, Borusan Holding has played a pioneering role in Turkey’s development journey. Today, the Group operates across three continents, in 11 countries, with more than 14,000 employees, continuing to create sustainable value for its stakeholders.

Borusan closed 2024 with a consolidated Group revenue of ₺257 billion, marking 39% year-on-year growth. Alongside its financial performance, the Group deepened its impact in the climate, people, and innovation areas through initiatives that create value for the environment, people, and society.

In the energy sector, Borusan increased its total installed capacity to 855 MW and achieved a 27% reduction in energy intensity compared to 2023. More than 131,000 tons of waste were recovered, improving the recycling rate by 15% year-over-year, while 115,000 tons of water were reclaimed, reducing total water consumption by 14%. The Group invested over ₺296 million in environmental protection initiatives during the year.

 

Supporting a 200-Year Vision with Inclusivity, Innovation, and Value Creation

Borusan views sustainability not only through environmental action but also as a model for value creation grounded in an inclusive culture, strong human capital, and technology. While developing talents to sustain its 200-year vision, the Group also contributes to Turkey’s skilled workforce goals.

In 2024, women represented 21% of Borusan’s total workforce and 26% of senior management. With a 96.3% retention rate among young talents, the Group continues to strengthen its leadership in the sector by offering mentorship programs and career development opportunities that support next-generation skills.

Borusan also completed its cultural transformation journey—BorusanX, launched in 2022—to align its 80-year heritage with the dynamics of the modern world. The initiative transformed leadership, performance management, employee experience, and digital adaptation processes to meet the needs of the future workplace.

With an R&D budget exceeding ₺480 million, Borusan developed 24 new patents and 39 new products/services in 2024, generating value at every link of its value chain.

Furthermore, through its corporate social responsibility programs, Borusan continued to create collective impact across education, arts and culture, climate action, and equal opportunity—reinforcing its role as a socially responsible and future-oriented organization.

📄 Read the full 2024 Integrated Annual Report