German defense giant Rheinmetall's sales soar
Reference News Network reported on August 10 According to a report from the website of RT on August 7, as the increase in military spending in Europe continues to drive up weapon demand across the region, German arms manufacturer Rheinmetall reported that its revenue in the second quarter surged nearly 70%, with operating profit more than doubling.
During the Russia-Ukraine conflict, orders from European arms manufacturers have skyrocketed. Countries supporting Ukraine are providing weapons to the Ukrainian military while also strengthening their own defense industries. As the largest defense contractor in Europe, Rheinmetall's stock price has increased more than tenfold over the past six years. The company supplies various military equipment to Ukraine, including tanks, armored vehicles, and ammunition.
According to the financial report released by Rheinmetall on the 6th, the company's new orders in the second quarter soared from 1.98 billion euros in the same period last year to 11.37 billion euros, with a record backlog of 80.47 billion euros. Revenue increased from 1.95 billion euros to 3.29 billion euros, and operating profit more than doubled to 562 million euros.
The company's CEO, Armin Papperger, stated: "Demand remains strong, and we continue to successfully secure large orders both domestically and internationally."
Germany has become the second-largest arms supplier to Ukraine after the United States and has significantly expanded its long-term defense commitments. (Translated by Li Sha)
Rheinmetall reported a nearly 70% increase in revenue and over 100% increase in operating profit in the second quarter of 2023, driven by rising demand for military equipment amid the Ukraine conflict. New orders surged to €11.37 billion, reflecting the company's role as a key supplier of tanks, armored vehicles, and ammunition to Ukraine. Germany has become the second-largest arms supplier to Ukraine, following the U.S.
- Rheinmetall's revenue increased by nearly 70% in Q2 2023.
- Operating profit more than doubled to €562 million.
- New orders surged from €1.98 billion to €11.37 billion year-on-year.
- Rheinmetall is a major supplier of military equipment to Ukraine.
- Germany is now the second-largest arms supplier to Ukraine after the U.S.