IMM Subsidiaries Achieve Record Success
Twelve subsidiaries of Istanbul Metropolitan Municipality (IMM) made history by entering the Fortune 500 Turkey 2023 list. Ertan Yıldız, Chairman of the Board of İYA AŞ, who served as presidential advisor responsible for IMM subsidiaries for five years, said: “We set a record by entering this list with the highest number in IMM history. Additionally, I want to emphasize that no other structure had previously entered the Fortune 500 list with 12 group companies. We are extremely happy and proud. I congratulate all our executives and colleagues working in our companies.”
Twelve IMM subsidiaries operating in various sectors simultaneously entered Turkey’s Fortune 500 list, which ranks the country’s largest 500 companies, setting a new record. Based on 2023 net sales revenues, the list included İGDAŞ, KİPTAŞ, İSTAÇ AŞ, İSTON AŞ, İSPER AŞ, İSFALT AŞ, İSTGÜVEN AŞ, İstanbul Halk Ekmek AŞ, İstanbul Ağaç ve Peyzaj AŞ, İstanbul Enerji AŞ, Metro İstanbul AŞ, and Kültür AŞ.
“CREATING VALUE FOR OUR CITY AND COUNTRY”
Ertan Yıldız, Chairman of Istanbul Management Agency (İYA), stated: “As IMM Subsidiaries, we tirelessly continue our work with 31 companies to ensure sustainable development for our city and country. Within the framework of IMM Mayor Ekrem İmamoğlu’s vision to make Istanbul green, just, and creative, we are progressing rapidly in the second century of our Republic. We set a record by entering this list with the highest number in IMM history.” Yıldız noted that this is the first time 12 group companies entered the Fortune 500 list. He added: “We are extremely happy and proud. I congratulate all our executives and colleagues working in our companies. With our companies in transportation, urban planning, retail, energy, technology, trade, and services, we create value for our city and country, ensuring a more livable Istanbul with trust, peace, and prosperity.”
“EACH OF OUR SUBSIDIARIES IS A LEADING COMPANY IN ITS SECTOR”
Yıldız continued: “When we took office in 2019, we established new professional management teams, defined our goals, and set our strategies. We developed short, medium, and long-term plans and a roadmap, and have successfully followed this path. Today, our companies operate successfully with a vision focused on creating value for Istanbul, integrating sustainability into business processes, managing finances ethically and transparently, and developing innovative services and products. Each is a leader in its sector. As of 2023, IMM subsidiaries employ 76,000 people and have a total revenue of 145 billion TRY, ranking among Turkey’s largest corporate groups. Despite economic crises and the pandemic over the past five years, we maintained steady growth. According to TFRS financial data for the end of 2023, the total revenue of our 31 subsidiaries reached 145 billion TRY, assets 162 billion TRY, and equity 71 billion TRY.”
ABOUT THE COMPANIES ON THE FORTUNE 500 TURKEY LIST
İGDAŞ: Largest subsidiary by revenue with 49.4 billion TRY in 2023. Invested 830 million TRY, serves 7.1 million subscribers, installed 2.3 million meters of natural gas lines, and established the first licensed R&D center in the sector with 23 intellectual property applications.
KİPTAŞ: 2023 revenue 6.1 billion TRY. Focused on social housing and urban transformation projects; delivered 782 independent units in 2023, and 11,034 units across 19 projects completed between Aug 2019–Mar 2024.
İSTAÇ AŞ: 2023 revenue 9.5 billion TRY with 1.2 billion TRY investment. Produced 1.3 million MW electricity from waste-to-energy plants; received high sustainability scores in CRIF Turkey Sustainability Research.
İSFALT AŞ: 2023 revenue 10.3 billion TRY. Implemented climate-friendly projects like Cebeci Quarry Restructuring for sustainable mining.
Metro İstanbul AŞ: Total assets 10.3 billion TRY, revenue 7.1 billion TRY as of Dec 31, 2023. Expanded rail and ropeway network; 1,015 vehicles completed 2.1 million trips, transporting 831 million passengers. Won the Turkey Excellence Award and six-star global rating for rail system operations.
İstanbul Enerji AŞ: 2023 revenue 7.4 billion TRY. Ranked in top 15 nationwide for energy distribution; produced 256,940 MW electricity in a 37 MW biomass plant; added solar hybrid capacity.
İSPER AŞ: 2023 revenue 11.7 billion TRY. Operates 29 regional employment offices, providing jobs to 200,000 people.
İSTGÜVEN AŞ: 2023 revenue 4.9 billion TRY. Introduced body cameras for security personnel for evidential documentation.
İSTON AŞ: 2023 revenue 4.2 billion TRY. Provides urban furniture and infrastructure materials; exports to 10 countries; renewed Platinum CSC Certificate from International Concrete Sustainability Council.
İstanbul Ağaç ve Peyzaj AŞ: 2023 revenue 5.216 billion TRY. Maintains 80 million m² of green areas, planted 54,000 trees, 42 million seasonal flowers, 8 million bulbs, and 1.5 million roses/shrubs; served over 500,000 customers in 11 garden markets and online.
Halk Ekmek AŞ: 2023 revenue 4.4 billion TRY. Expanded kiosks to 703, sold 352 million loaves of bread; increased production capacity at Ahmet İsvan Factory.
Kültür AŞ: 2023 revenue 3.8 billion TRY. Operates museums and 16 cultural centers; organized 2,568 events in 2023 with 3,552,372 attendees.
We are striving to implement energy investments and programs in line with sustainable, technological, and clean energy policies, primarily with the Istanbul Metropolitan Municipality, as well as the public and private sectors.