The arms holding Czechoslovak Group AS (CSG) recorded a significant profit increase of 200% in 2024, thanks to increased supplies to Ukraine and NATO countries. Since the beginning of Russia’s full-scale invasion of Ukraine, sales of the Czech company have risen by 614%.
This is reported by Finway
CSG, which specializes in the production of artillery shells and combat vehicles, has also signed an agreement with Kinetic Group, an American owner of small-caliber ammunition brands. The Czech company aims to become one of the two largest defense companies in Europe. CSG’s net profit in 2024 reached a record €526.1 million, while revenue increased by 131% to €4 billion.
Expansion of Production Capacities
The company plans to start full-scale production of artillery shells and TNT in Greece, as well as acquire a German manufacturer of nitrocellulose – an important component for the arms industry.
Exploring New Opportunities from Porsche SE
At the same time, after record losses of €20 billion in 2024, the Porsche SE holding is seeking new business directions. One possible avenue for expansion is a return to the defense industry, in which the company has previous experience. Porsche SE plans to allocate €2 billion for investments in military projects.