Ukroboronprom ranks 16th in terms of growth dynamics among world defense companies - CEO

JSC Ukrainian Defense Industry (Ukroboronprom) ranked 49th in the annual ranking of the largest defense companies in the world in terms of absolute defense revenue and 16th in terms of growth dynamics of revenue from product sales, said Ukroboronprom CEO Herman Smetanin.

"In 2024, the company's defense revenue amounted to over $3 billion compared to $2.2 billion in 2023. This gave a growth rate of 36.3%, which is significantly higher than the global average of 11.2% among the top 100 defense companies in the world," he wrote on Telegram on Tuesday.

At the same time, the CEO noted that "this is still not enough, so we are working every day to increase the production of weapons and military equipment for the Ukrainian army."

According to Smetanin, only 54 of the 100 largest defense companies in the world grew over the past year, while the remaining 46 showed a decline in revenue.

"Thus, Ukraine is becoming a key player in the global defense industry," the head of Ukroboronprom stated.

As Smetanin reported, in the world, the leaders in terms of revenue are still Lockheed Martin ($68.4 billion), RTX ($43.5 billion), CASIC (China, $38.7 billion). In terms of growth rates, the leaders were Anduril (USA, +138%), Askeri Fabrika (Turkey, +100%), SES (Luxembourg, +93.7%), NORINCO (+93.6%).

"The top 30 most dynamic companies in the world included representatives of the USA, China, Turkey, Europe and South Korea," the CEO added.