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Ukroboronprom Sales Up 17% In 2013

Jan. 22, 2014 - 01:56PM   |  
By JAROSLAW ADAMOWSKI   |   Comments
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Defense group Ukroboronprom reported ending the second consecutive year with a profit. / Ukroboronprom

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WARSAW — Ukraine’s leading defense group, Ukroboronprom, has reported sales of 14.96 billion hryvnia (US $1.78 billion), an increase of 17 percent compared with last year, Ukroboronprom said in a statement.

Yegor Kovalenko, deputy director general of Ukroboronprom, said the preliminary financial results are very positive with production rising 22 percent compared with 2012, he said.

“For the second consecutive time, the group is ending the year with a profit,” Kovalenko said. “We are expecting a net profit of 522 million hryvnia for 2013.”

The improved results allowed the state-owned group to increase employee salaries by 10 percent over a year earlier, according to the deputy director general.

Headquartered in Kiev, Ukroboronprom was set up in 2010 with the aim of consolidating the country’s defense industry. The group comprises close to 130 manufacturers, according to data from Ukroboronprom. Its subsidiaries specialize in production and export of aircraft, tanks, missiles, vessels, armored vehicles, munitions and other types of weapons and military equipment.

Email: jadamowski@defensenews.com.

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