Defence company Rheinmetall reported that its sales increased by 33% in 2024

Rheinmetall reported sales growth and a significant increase in revenues amid strong demand for military equipment worldwide.

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Continued cooperation between the German Armed Forces and partner countries in the EU and NATO, as well as assistance to Ukraine, continue to significantly improve Rheinmetall's position. Management reiterates its current guidance for sales growth and improved profitability.

Armin Papperger, CEO of Rheinmetall AG, said of the company's performance: "The supercycle is clearly accelerating. In the second quarter of 2024 alone, our sales grew by around 50 per cent and our result doubled. The positive margin effect is significantly increasing our profitability. With positive development in all areas, we are on track to achieve our full-year targets."

He also added that they had "never" seen such growth and that they expect annual sales to rise to two billion euros in the coming years.

"We have been expanding our capacity significantly, making acquisitions and are now building additional plants in countries such as Lithuania, Hungary, Romania and Ukraine," Papperger explained.

The Group's sales in the first half of 2024 were up significantly year-on-year by €955 million, or 33%. The operating result as at 30 June 2024 was €404 million, up €192 million, or 91%, from €212 million in the previous year.

Source: Defence Industry Europe