Ukrspecexport doubles profit during lockdown

Ukrspecexport doubles profit during lockdown

Ukraine's state arms exporter Ukrspecexport, part of the Ukroboronprom State Concern, increased net sales revenue in the first half of 2020 by 36.6% year-on-year, to UAH 1.53 billion, Ukroboronprom's press service has reported.

"Despite severe restrictions in work due to the pandemic and lockdown in most of the company's partner countries, Ukrspecexport increased sales of military and dual-use products on world markets. At the same time, we have managed to significantly increase the profitability of our sales. As a result, the company's net profit in the first six months of this year grew by 2.2 times compared to 2019, to UAH 150 million," the press service quoted the company's director general, Vadym Nozdria, as saying.

According to him, such dynamics of the company's development is due to the success of a number of foreign economic contracts and the introduction of new standards of operational management.

In particular, this year Ukrspecexport delivered BMP-1 infantry fighting vehicles to the Ministry of Defense of Ukraine for the needs of the Ukrainian Armed Forces, fulfilled a foreign trade contract for the supply of radars to a foreign customer and began cooperation with Pakistan in the field of military aircraft repair.


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