Germany's largest defence contractor Rheinmetall saw profits increase in the full year 2023 compared to 2022, and the company said on Thursday intends to significantly accelerate that growth this year.
Rheinmetall AG reported that its fiscal 2023 earnings from continuing operations increased to €630 million ($689 million) from €534 million in the previous year.
Earnings per share from continuing operations were €13.02 compared to €10.80.
Consolidated operating result, or EBIT before special items, increased by 19% to €918 million.
Basic earnings per share pre PPA effects from continuing operations were €14.65 compared to €10.96.
In fiscal 2023, consolidated sales were €7.18 billion, up 12% from the previous year.
Taking into account exchange rate and M&A effects, sales growth was 11.9%.
Adjusted for these effects, sales growth was 10.6%.
The Rheinmetall Group projects annual sales to rise to a level of around €10 billion in fiscal 2024.
The company expects an improvement in operating result and a group operating margin of 14% to 15%.
A dividend payment for fiscal 2023 of €5.70 per share will be proposed to the annual general meeting on May 14, 2024.
