The order for 123 heavy weapon carriers by the German Armed Forces on March 21 had a positive effect on Rheinmetall’s half-year figures. (Rheinmetall)

Rheinmetall announced on August 8 that it increased its sales to 3.8 billion euros (4.15 billion USD) in the first half of 2024, an increase of 33% over 2023 figures. The group’s operating profit rose 91% to 404 million euros. The company attributed its continued improvement in business performance to orders from the German armed forces and members of the European Union (EU) and NATO, as well as military aid to Ukraine.

Rheinmetall CEO Armin Papperger described this as unprecedented growth for his company and expected annual sales growth of around two billion euros in the coming years. “This very positive development is only possible because we invested early and have been pursuing a strategic plan since 2014, when Crimea was occupied,” he said. “We have massively expanded capacity, made acquisitions and are now building new plants in countries such as Lithuania, Hungary, Romania and Ukraine.”

In the first half of 2024, Rheinmetall Vehicle Systems’ sales, mainly from military wheeled and tracked vehicles, reached 1.3 billion euros, an increase of 288 million euros or 28% compared to 2023. The largest order concerned the Bundeswehr’s heavy weapons carrier (HWC) based on the Boxer 8×8 armored vehicle with a volume of 1.6 billion euros and the associated service contract worth 620 million euros.

Rheinmetall Weapon and Ammunition’s sales of weapon systems and ammunition exceeded EUR 1 billion in the first half of 2024, an increase of EUR 508 million or 93% compared to 2023, mainly due to higher ammunition deliveries with major orders for Germany and Ukraine. Rheinmetall Expal Munitions, the result of an acquisition on July 31, 2023, contributed EUR 230 million to this growth.

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