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German arms concern Rheinmetall increases sales

2023-11-22 08:39:08, Kosova & Bota CNA

German arms concern Rheinmetall increases sales

Arms concern Rheinmetall expects sales and profits to rise as a result of Russia's attack on Ukraine and the arming of NATO countries. Rheinmetall CEO Armin Papperger explained in a presentation to an investor conference in Germany that the concern expects sales of 13,000 to 14,000 million euros in 2026. In this way, the enterprise would almost double its sales. compared to 2023.

Rheinmetall also aims to be much more profitable in the future than this year. The profit margin is expected to exceed 15%, he said. Rheinmetall's target for 2023 was for consolidated sales, excluding acquisitions, to be between 7.4 billion and 7.6 billion euros. According to the presentation, the enterprise is on track to achieve these objectives.

German arms concern Rheinmetall increases sales

The Düsseldorf-based German concern has expanded its production capacity in response to the turnaround announced by German Chancellor Olaf Scholz following the launch of Russia's war against Ukraine and the expected boom in orders. The concern also supplies Ukraine with weapons and ammunition.

USA as a new domestic market

"Rheinmetall is needed to meet the dramatic increase in demand for military equipment in many countries," Papperger said in early November. At the investors' conference, the concern emphasized that the defense budgets of NATO countries continued to grow as a result of the war in Ukraine.

 

German arms concern Rheinmetall increases sales
The head of the board of Rheinmetall, Armin Papperger

The Düsseldorf-based concern's branches dedicated to the defense business alone forecast sales of around eleven billion euros between now and 2026. The operating margin target is around 17% or more. Order books are overflowing. Rheinmetall is focused on strong growth, especially in the US. The US has the potential to become a "new domestic market" by the end of the decade. Rheinmetall plans to deliver there, among other things, the successor to the American Bradley armored fighting vehicle.

The objectives announced by the German concern have been well received by investors. Shares in Rheinmetall rose as much as four percent in the morning, outperforming other stocks on Germany's DAX stock exchange./ DW





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