STOCKHOLM, SWEDEN – Swedish defense group Saab on Friday reported a more than doubling of orders in the fourth quarter as countries boost military spending following Russia’s invasion of Ukraine.
Order intake for the Swedish company totaled US$6.1 billion (63.1 billion Swedish kronor) in 2022, a 45 percent increase from the previous year.
They soared by 144 percent in the fourth quarter alone to US$2.8 billion (29.9 billion kronor) year on year.
Net profit rose to $211 million (2.2 billion kronor), up 14 percent compared to 2021, with half of it booked in the fourth quarter.
“I think we saw in the fourth quarter some contracts coming in as a direct result of the war in Ukraine,” said chief executive Micael Johansson.
“And I think the growth will continue, despite the fact that I hope the war in Ukraine will end of course, but the growth will continue for many years to come now,” he added.
In the last quarter of 2022, Saab said it had seen orders of its anti-tank system NLAW to the UK, upgrades for its fighter jets to Sweden and an order of two signal intelligence ships to Poland.
Sales for 2022 totaled $4 billion (42 billion kronor), up seven percent.