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Nammo’s revenues increased to record-high level in 2022

Source: Nammo, Defence Industry Europe

Nammo's revenues rose to a record-high of NOK 7.45 billion, marking a 7 percent increase from the previous year. This was mainly due to strong sales of commercial ammunition in the United States and higher revenue from aerospace propulsion operations, the company said in a press release.




Also, Nammo’s ongoing program to improve profitability yielded significant results ahead of schedule. Net income after tax reached NOK 508 million in 2022, its highest level ever, and at the Annual General Meeting, the Board of Directors proposed a dividend of NOK 253.9 million (NOK 229.6 million in 2021).

Nammo’s sales volumes and profits during the year were not significantly affected by the war in Ukraine, and are not like to be so in 2023 either. This is due to the time it takes for orders to be fulfilled and delivered. However, Nammo order reserve increased to NOK 14.8 billion during 2022, reflecting the company’s established market position and the sharp increase in demand for ammunition, as allied governments sought to increase their stocks whilst donating supplies to Ukraine.

“Nammo has shown resilience through an extraordinary year and our robust performance is a clear testament to the strength of our products and all our talented and hard-working colleagues. Ahead we will continue to build upon our profitability and efficiency improvements and maintain significant R&D spending to secure our position as a high-end provider to government customers,” said Morten Brandtzæg, CEO and President of Nammo.

 




 

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