**Ukraine’s Defense Giant Reports $31.5 Million Profit as Production Soars**
In a major boost to Ukraine’s defense capabilities, the country’s largest state-owned defense company, Ukroboronprom, has reported a consolidated net profit of Hr 1.31 billion ($31.5 million) for the previous year. The company’s impressive financials are a testament to its growing importance in Ukraine’s military landscape.
**Tripling Production Volumes**
Ukroboronprom is a leading strategic manufacturer of weapons and military hardware, with over 100 enterprises under its umbrella. In 2024, the company’s production volumes tripled compared to the previous year, with a significant 36% increase in contracts. This surge in production is largely driven by Ukraine’s efforts to strengthen its defense capabilities against Russia’s full-scale invasion.
**New and Upgraded Military Equipment**
According to Ukroboronprom’s press release, almost all of its production (96%) consisted of new or upgraded military equipment in 2024. The company’s Director General, Oleg Gulyak, proudly declared that they had begun manufacturing new weapons that substantially enhanced the capabilities of Ukraine’s Defense Forces.
**Global Recognition**
Ukroboronprom’s impressive performance has earned it a spot in the global top 50 for the first time in the annual ranking by Defense News. The company jumped 16 spots from last year’s 65th place, solidifying its position as one of the world’s leading defense manufacturers.
**Revenue Surge**
Ukroboronprom’s revenue surged 72% to $2.2 billion in 2023, making it the fastest-growing among the world’s top 100 defense manufacturers. This growth is a direct result of Ukraine’s increased focus on domestic production, particularly in unmanned systems.
**Local Manufacturing Matters**
Deputy Defense Minister Valerii Churkin recently highlighted that over 95% of drones used by Ukrainian forces at the front line are domestically manufactured. This emphasis on local manufacturing reflects Ukraine’s determination to strengthen its defense capabilities and reduce reliance on foreign suppliers.
As Ukroboronprom continues to grow and expand, it is clear that the company will play an increasingly important role in Ukraine’s military efforts. With a focus on innovation and production, Ukroboronprom is well-positioned to meet the demands of Ukraine’s defense industry.
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