Baykar’s meteoric rise in global drone exports has propelled Selçuk and Haluk Bayraktar to cement their title of the nation’s top taxpayers in 2023.
Renowned for their pioneering work in unmanned aerial vehicle technology, the Bayraktar duo has now topped their nation’s taxpayer list for three consecutive years.
And their payments have grown dramatically: in 2021, Selçuk Bayraktar paid TL 153 million ($4.49 million) and Haluk Bayraktar TL 143 million in income taxes. By 2022, those figures had soared to TL 564 million and TL 319 million, respectively.
In 2023, the brothers shattered records, with Selçuk paying TL 1.95 billion and Haluk paying TL 1.68 billion, bringing their combined tax payments to more than TL 4.8 billion over the past three years.
Selçuk serves as Baykar’s chairperson of the board and chief technology officer, and Haluk is the company’s general manager.
A force in defense exports
Baykar, which has become the face of Türkiye’s defense and aerospace sector, derives the vast majority of its revenue from its UAVs and combat drone exports.
In 2023, 90% of Baykar’s revenue came from foreign markets, with the company increasing its exports by 50% to $1.8 billion, up from $1.2 billion the previous year.
The surge pushed Baykar into Türkiye’s top 10 exporters across all sectors.
The company’s dominance is clear: From 2021 to 2023, Baykar accounted for one-third of Türkiye’s defense and aerospace exports. As of August this year, the company had signed agreements with 34 countries for its Bayraktar TB2 and 10 countries for its Akıncı combat drones, spanning three continents.
It is these “two technological systems we developed from scratch” to which Haluk attributed their record tax payments.
Vision grounded on independence
In a post on social media platform X, Haluk articulated his philosophy on taxation, describing it as “not just an obligation, but one of the most honorable ways to serve the nation.”
“This sacred duty has always been a great source of pride and responsibility for us. The income tax we paid in 2023 is the highest in our republic’s history in real terms. This success is the fruit of a 25-year dream, perseverance and dedication.”
He emphasized that their financial achievements were driven solely by the export revenues of the TB2 and Akıncı drones.
“Our drones not only reached 34 countries but also showcased Turkish engineering prowess on the global stage. From the beginning, we aimed not for financial gain but for achievement,” he said.
“We never took loans, government grants or any financial support. Even in exporting Bayraktar UAVs, there were no state-backed credits or subsidies. All buyer countries financed their purchases from their own budgets. Our record tax payments are solely the result of the export revenues of these two systems and their components,” Haluk explained.
Opening new fronts for Turkish defense
The Bayraktar brothers have not only led their company to financial success but have also pioneered new markets for Türkiye’s defense industry.
“These drones have proven their value in every geography they’ve been deployed, from counterterrorism operations in Asia and Africa to ending the 30-year occupation of Karabakh,” Haluk said. He noted that their platforms have also found their way into the inventories of European Union and NATO member states.
Looking ahead, Baykar is betting on the Kızılelma, an unmanned fighter jet that Bayraktar describes as “another testament to our determination to achieve the impossible.”
The project, like its predecessors, is being developed without any order guarantees or state-backed development support, according to Haluk.
“Our success is not confined to Baykar alone,” he said. “With our exports, hundreds of our subcontractors’ products have also entered global markets, enhancing Türkiye’s defense industry’s global competitiveness and turning the National Technology Initiative into a national success story.”
Building future on human capital
Baykar’s growth strategy goes beyond financial results; it is also rooted in investing in human capital.
The company increased its workforce by nearly 17% in just eight months, from 4,200 employees in December 2023 to around 4,900 this August.
From the beginning of its UAV development journey in 2003, Baykar has generated 83% of its revenue from exports.
The company’s drones, developed entirely in-house, have played crucial roles in Türkiye’s domestic and international military operations, demonstrating their effectiveness in conflicts from Libya and Ukraine to the Sahel and the Caucasus.
The success of the TB2 and Akıncı platforms is a vivid example of Türkiye’s rising stature in the global defense market.
As Haluk puts it, “We have opened new markets for our industry, strengthened Türkiye’s defense ecosystem, and increased its global competitiveness. And we will continue to strive, innovate, and contribute to our country, our people and our allies.”
