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Ukroboronprom Becomes First Ukrainian Company to Enter Global Top 100 Arms Manufacturers List
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The Ukrainian defense company Ukroboronprom has officially entered the global ranking of leading arms manufacturers.
This was reported by company’s CEO Herman Smetanin via Telegram on December 1.
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“Ukraine has secured its place in the global ranking as a full-fledged arms producer for the first time. SIPRI has published the latest list of the top 100 weapons manufacturers in the world. For the first time in history, a Ukrainian company, Joint Stock Company Ukroboronprom has entered this list,” Smetanin announced.
The company ranked 52nd overall and 6th in terms of growth rate. With expected revenues of $3.0 billion in 2024, UOP saw a 41% increase compared to 2023.
“Overall, the top 100 companies in the world earned $679 billion from arms sales in 2024. The growth was primarily driven by the US and Europe. The only regional group that saw a decline was Asia, mainly due to reduced arms revenue in China,” Smetanin commented.
The top five companies in the global defense manufacturing ranking are led by Lockheed Martin from the USA, with a revenue of $64.6 billion, marking a 3.2% increase. Following closely is RTX Corporation, also from the USA, with $43.6 billion in revenue, a 4.1% rise. Northrop Grumman, another American company, reported $37.8 billion in earnings, showing a 3.3% increase. The UK’s BAE Systems secured the fourth spot with $33.7 billion, reflecting a 6.9% growth. Lastly, General Dynamics from the USA completed the top five with $33.6 billion in revenue, posting an 8.1% growth.
Smetanin further pointed out that Ukroboronprom and its subsidiaries maintain active partnerships with nearly all of these global giants.
European arms manufacturers saw an average increase of 13% in their revenues, with significant growth among key players. Rheinmetall from Germany experienced a remarkable 47% rise, while the UK’s BAE Systems posted a 6.9% increase. The Czechoslovak Group from Czechia achieved a staggering 193% growth, with half of its revenue stemming from production for Ukraine. Germany's Diehl also saw a substantial boost, with a 53% rise in its revenue.
“In this context, Ukraine’s 41% growth is on par with European countries, despite none of them operating under such complex conditions,” Smetanin noted.
JSC Ukroboronprom ranked 6th globally for growth rate and was the 4th fastest-growing company in Europe. The top performers in the overall ranking included Czechoslovak Group from Czechia with an impressive 193% increase, SpaceX from the USA with 103%, Mitsubishi Electric from Japan with 87%, Diehl from Germany with 53%, and Rheinmetall from Germany with 47%. JSC 'UOP' from Ukraine achieved a growth rate of 41%, which is particularly significant considering the challenges faced by Ukrainian companies due to the ongoing war, especially when compared to their international counterparts.
Smetanin also revealed that the revenues of the two Russian companies in the ranking grew by 23% in 2024, with high production volumes of ammunition, artillery, armored vehicles, and rockets, despite sanctions and shortages of imported components.
“2024 was a record year for the global defense industry – the revenues of the top 100 companies reached $679 billion, the highest figure ever recorded by SIPRI. The growth is attributed to the increased demand in various regions of the world, and for some European companies, the war between Russia and Ukraine became an additional factor,” Smetanin concluded.
Earlier, Ukroboronprom reached an agreement with the Norwegian defense firm Kongsberg Defense & Aerospace to incorporate Ukrainian air defense systems into the NASAMS framework.
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