The Strategist

German Rheinmetall reports record profits amid war in Ukraine

03/17/2023 - 10:57

The operating profit of Rheinmetall, the biggest defense company in Germany, increased by 27% from 2021 to a record-breaking €754 million in 2022. Armin Papperger, the CEO of Rheinmetall, claimed that the company's success is primarily obliged to the "war in Europe".

Rheinmetall Defence
Rheinmetall Defence
"Rheinmetall entered a new period as a result of the epochal shift and the European War. Many nations have realized the importance of stepping up their security efforts", said Papperger.

According to the report, Rheinmetall anticipates sales to rise from €6.4 billion in 2022 to €7.4 billion to €7.6 billion in 2023.

Rheinmetall is the biggest producer of military hardware and weaponry in both Germany and Europe. Particularly, the company declared its preparedness to transfer 250 Leopard-2 units to Ukraine. According to Papperger, a plant could be constructed in Ukraine to provide the Ukrainian Armed Forces with at least 600–800 tanks.