Ukroboronprom posts $33 million profit as production triples

Ukraine's largest state-owned defense company Ukroboronprom  reported a consolidated net profit of Hr 1.31 billion ($31.5 million) for the previous year, according to a press release at the company's website.

Ukroboronprom is a leading strategic manufacturer of weapons and military hardware in Ukraine. The association unites about 100 enterprises that develop and manufacture weapons, military equipment and ammunition, including missiles, drones, armored vehicles.

The company's enterprises tripled production volumes in 2024 compared to 2023, with a 36% increase in contracts.

According to the press release, almost all production (96%) consisted of new or upgraded military equipment in 2024.

"We began manufacturing new weapons that substantially enhanced the capabilities of Ukraine's Defense Forces," said Ukroboronprom Director General Oleg Gulyak.

Most of the profits will go toward weapons production, expanding facilities, relocating operations, and building new manufacturing capabilities, with a smaller portion paid to the state budget as dividends, Ukroboronprom said.

In 2024 Ukroboronprom broke into the global top 50 for the first time in Defense News' annual ranking, jumping 16 spots from 65th place last year.

The company's revenue surged 72% to $2.2 billion in 2023, making it the fastest-growing  among the world's top 100 defense manufacturers.

Since the beginning of Russia's full-scale invasion, Ukraine has significantly increased its weapons production, particularly focusing on unmanned systems.

Deputy Defense Minister Valerii Churkin said earlier that more than 95% of drones used by Ukrainian forces at the front line are domestically manufactured.