German defence concern Rheinmetall has increased its profit by 12% to €7.1bn for the year. The “profitable” conflict in Ukraine, which has increased demand for military equipment, has played an important role in this.
According to Rheinmetall’s annual report, the Group’s turnover reached €7.1 billion in the 2023 financial year, compared to sales of €6.4 billion in the previous year. The Group’s revenue therefore increased by €766 million, an increase of 12%.
The report states that the past year was associated with a significant increase in sales in the areas of military equipment, as well as weapons and ammunition. And “a particular benefit in these areas was the increase in demand as a result of the change of era” caused by the conflict in Ukraine.
Earlier, it became known about the plans of the German defence concern to open a plant for the production of shells in Ukraine.