Ukrainian Defence Industry revenues up by 50% compared to last year

Ukrainian Defence Industry (Ukroboronprom), a state-owned conglomerate of defence enterprises, has increased its net income by 50% over the past three quarters compared to the same period last year.

Source: Ukroboronprom press service, in a comment for Ekonomichna Pravda

Details: Ukraine’s largest domestic arms manufacturer earned UAH 83.1 billion (US$2 billion) from January to September 2024, while in the same period last year, its revenue was UAH 55.4 billion (US$1.3 billion). Net profit rose by 37.2% over the same period, from UAH 6.37 billion (US$155 million) to UAH 8.74 billion (US$212 million). 

Ukrainian Defence Industry noted that the total volume of units produced and repaired has grown by 408%, with a particular increase in the production of drones, ammunition and high-precision weapons. 

Ukrainian Defence Industry incorporates 70 enterprises in the domestic defence and aircraft industry. In 2023, for the first time in its history, it became one of the world’s top 50 defence companies, earning US$2.2 billion. 

The company's former CEO, Herman Smetanin, recently stepped down to head up Ukraine’s Ministry of Strategic Industries. On 20 September, Ukrainian Defence Industry announced that applications were open for the position of CEO.

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