Investment Target: Konya — Sales Target: Europe
Saytek Prepares for a New Era Focused on Transparency, Growth, and Sustainability through Public Offering
Saytek Chairman of the Board Özer Yıldırım announced that the company is preparing to enter a new era focused on transparency, growth, and sustainability, with plans to increase its market share in Europe, where it already exports to 11 countries.
As a domestic initiative in the healthcare and recycling sectors, Saytek generated a turnover of TRY 1.5 billion last year. The company achieved a 680% increase in international sales and is planning to acquire a third facility in Konya. Saytek continues to expand its presence in Europe while preparing for its initial public offering (IPO).
In an exclusive interview, Saytek Chairman Özer Yıldırım shared insights into the company’s foundation, growth strategy, future plans, and sustainability vision.
Where did Saytek’s journey begin?
We started in 2001 to address the needs of the healthcare sector, initially focusing on orthopedic and trauma products. Over time, we realized this was only one dimension of the broader opportunity. While deepening our expertise in medical technologies, we also turned to plastic recycling to contribute to environmental sustainability. Today, we operate a 7,200 m² facility in Düzce Gümüşova Industrial Zone where we produce recycled raw materials such as rPET, rPE, and rPP. In Ankara, we manufacture masks and medical devices.
Saytek currently employs 96 people and has an annual recycling capacity of 30,000 tons and a mask production capacity of 110 million units.
What sets Saytek apart from other manufacturers?
Our dual-focus production strategy distinguishes us. On one hand, we operate in a sector with environmental impact—recycling is gaining increasing importance. On the other hand, we produce in a sector that directly affects human health—medical technology.
Why focus particularly on rPET in recycling?
The use of recycled materials in food-contact plastics has become mandatory under EU directives. By 2025, at least 25% of plastic packaging must be from recycled content, increasing to 30% by 2030. Similar regulations are being planned in Türkiye. We adapted early to this shift. Our rPET production gives us a significant advantage in both domestic and export markets. We are a key supplier for the food packaging, textile, and infrastructure industries.
What are your main areas of focus in the medical segment?
We offer specialized implants, screws, and plates for spine surgery, orthopedics, and neurosurgery. We also enhance healthcare service quality by leasing neuronavigation systems and imaging devices to hospitals. Our products are sold directly to public and private hospitals, as well as through a network of distributors.
Standardization in Mask Production
Has mask production changed post-pandemic?
You're right—mask production surged during the pandemic. However, we never saw this as a short-term opportunity. We achieved a standard with our nonwoven fabric-based masks. Our medical-grade respiratory protection products continue to hold significant market value. Production continues at our 2,500 m² facility in Ankara.
Have mask revenues remained stable?
Yes. Despite the post-pandemic decline in 2022, mask revenue remained steady at around TRY 31 million in 2023 and 2024. This reflects our product quality and brand trust. Strategically, we maintain this segment as a small but prestigious business line.
Expansion into Nutritional Supplements
What types of supplements are in your product portfolio?
We offer collagen-based products and various vitamins. As you know, collagen is a structural protein essential to bones, skin, muscles, and organs. It constitutes about one-third of total body protein. Collagen plays a critical role in maintaining tissue integrity and cellular cohesion. With aging, natural collagen synthesis declines, leading to issues like wrinkles, reduced skin elasticity, and increased susceptibility to arthritis. Menopause also reduces collagen production. In such cases, supplements—upon medical advice—can help.
We contribute to public health with two types of collagen supplements: bovine-derived (collagen peptide) and marine collagen. These products are manufactured under our "SaytekMed" brand through OEM partnerships and sold on platforms such as Trendyol, Hepsiburada, and Amazon. Our SN 250 line includes vitamin C 1000, D3+K2, elderberry extract, and other vitamins and minerals, also available through e-commerce.
New Investment in rPET Sheets and Food Packaging
Are there any new investments in the pipeline?
Yes. We are establishing a new facility on a 24,000 m² plot in Konya Kulu Organized Industrial Zone with an investment of TRY 400 million. This plant will focus on the production of rPET sheets and food packaging. Feasibility studies are complete, and we aim to start production in Q4 2026. This will enhance our capacity and strengthen our export competitiveness.
The facility is expected to produce 20,000 tons annually. Additionally, we plan to launch a 4 MW solar power plant (SPP) as part of this investment.
Stronger Presence in Europe
Where do you see Saytek in five years?
Saytek will be a company known not just for its financials but also for its environmental and social impact. In five years, we aim to be a well-recognized European manufacturer with our own brand presence.
What factors have driven recent growth?
Our revenue grew from TRY 407 million in 2022 to over TRY 1.5 billion in 2024. This growth is attributed to rising demand for recycled products, the EU’s shift toward mandatory recycled content, and our operational discipline. Our export revenue surged by around 680% in 2024, demonstrating that we are no longer just a local player.
This growth has been fueled by the launch of our recycling operations, expansion in the medical segment, and diversification of sales channels.
Right Timing in Investments
How did recycling revenues increase so quickly?
In 2022, we had no income from recycling as production had not yet started. By 2023, we reached TRY 501 million, and in 2024, this rose to TRY 948 million. EU and domestic regulations boosted demand for rPET and rPP. Our timely investments were key to this success.
Why did medical revenue decline in 2024?
In 2023, medical revenue peaked at TRY 765 million due to a backlog of surgeries from the pandemic. This was a temporary spike. In 2024, revenues normalized to TRY 543 million—a more sustainable level. In the coming years, we plan to grow this segment again through increased exports.
Aggressive Expansion into Global Markets
What’s the status of international sales?
Our export revenue rose from TRY 2.5 million in 2022 to TRY 16 million in 2023 and reached TRY 125 million in 2024—an increase of nearly 680%. Rising demand for sustainability in Europe has positioned us advantageously. We are now preparing for a more aggressive international expansion.
Your net profit rose significantly—what’s behind this?
Yes, our net profit rose from TRY 16 million in 2022 to TRY 207 million in 2024. Our net profit margin improved from 4.1% in 2022 to 11.2% in 2023 and 13.6% in 2024. Operational efficiency and inflation accounting gains played key roles. Our operating profit exceeded TRY 376 million in 2024.
Ready for Public Offering
Is Saytek financially ready for an IPO?
Absolutely. As of December 31, 2024, our net working capital stands at TRY 642 million. Going public will not only boost capital but also strengthen trust and transparency. Our solid financial foundation positions us for significant strides both in Türkiye and globally.