For the first time, JSC Ukroboronprom entered the top 50 global defense companies in terms of arms contracts.

The rating was compiled by Defense News.

Every year, the publication compiles a report based on the revenues of companies that received defense contracts last year. This allows to indirectly estimate the volume of orders, which are often non-public.

From 2022 to 2023, Ukroboronprom’s revenue grew by 72%, from $1.28 billion to $2.2 billion, which allowed it to jump 16 positions at once: from 65th to 49th place.

Ukroboronprom unites over a hundred state-owned multidisciplinary enterprises in various industries. However, some of them are currently under occupation or destroyed during a full-scale invasion.

Based on last year’s numbers, the Ukrainian concern came before the Polish state-owned arms company Polska Grupa Zbrojeniowa SA, which had revenues of $1.43 billion.

JSC Ukroboronprom came before such well-known companies as Kongsberg Gruppen (ship systems, NSM missiles, and NASAMS system) and Turkish Aerospace Industries (ATAK 2, Anka-3, aircraft and satellite production).

China Aerospace Science and Technology Corporation, QinetiQ, Indra, Teledyne Technologies, Roketsan, Hensoldt, Diehl Group, and LIG Nex1 were also left behind.

Oleksandr Kamyshin, Minister of Strategic Industries, confirmed the increase in revenues in his post and noted that in the first half of 2024, the Ukrainian defense industry continued to keep pace.

“Of course, no ranking is our goal today, and this rapid development is caused, unfortunately, by critical necessity. However, looking at this rating, we see that after the victory, defense will become one of the most important exports of our economy,” he said.

This rapid growth, in addition to the increase in state orders during the war, is also partly due to the technological cooperation of Ukroboronprom companies with foreign defense giants.

In July, JSC Ukroboronprom opened its first foreign representative office to coordinate international projects in the United States. A number of other offices are to be opened in Europe soon.