BAE Systems, a leading defense contractor that sells arms to the United States, the United Kingdom, Saudi Arabia and Australia, reported record sales Thursday thanks to the war in Ukraine.
The company reported its highest order intake ever for the previous year totaling £37.1 billion ($44.5 billion), resulting in a backlog of £58.9 billion worth of orders from countries restocking their defenses as Russia’s war in Ukraine rages on. The firm recorded a profit of £2.4 billion.
Sweden will soon deliver self-propelled howitzers Archer to Ukraine, Swedish PM Ulf Kristersson says
Swedish-made Archer can fire 3 rounds within 50 seconds & change location rapidly before its shells hit the target. This video shows Archer pulling it off.
📹BAE Systems, Inc. pic.twitter.com/2eHBAhPWXX
— Euromaidan Press (@EuromaidanPress) February 15, 2023
“We expect continued momentum in the medium to long term as governments replenish stocks, recapitalise equipment and support allies,” Chief Executive Charles Woodburn said, according to Reuters.
BAE produces a number of military aircraft, submarines, ships, and artillery pieces, some of which Western powers have deployed to Ukraine. The company projects sales to further grow in 2023.
“While it is tragic that it took a war in Europe to raise the awareness of the importance of defence around the globe, BAE Systems is well positioned to help national governments keep their citizens safe and secure in an elevated threat environment,” the firm said in a statement.
Company shareholders have been rewarded handsomely. The stock has gone up 10% in the past three months and 50% in the past year, making it the top performer in Great Britain’s blue-chip index. (RELATED: Influential Policy Experts Send Message To Biden: Cut A Deal In Ukraine To Focus On Taiwan)
The United States alone has committed roughly $30 billion in security assistance to Ukraine over the past year, and shows no signs of slowing down.