Swedish aerospace and defence company Saab has reported a 38% year-on-year (YoY) increase in order intake to $840m (Skr8.12bn) in the first quarter of 2022.
The figure was $610m (Skr5.87bn) in the same period last year.
The increase was primarily attributed to medium-sized orders across key business areas. Saab’s international order bookings also increased.
The company’s order backlog also grew to $10.87bn (Skr104.54bn) in Q1 2022, from $10.11bn (Skr97.2bn) reported in Q1 2021.
The company said that it will seek to gradually increase its capacity in order to meet the rise in demand.
Saab’s net sales for the period were $960m (Skr9.22bn), up 1% compared to $950m (Skr9.09bn) recorded in Q1 2021.
The company’s quarterly operating income (EBIT) increased 10% YoY to $68m (Skr654m). Gross income also increased by 5%, from $200m (Skr1.93bn) in Q1 2021, to $210m (Skr2.03bn) in Q1 2022.
The Swedish firm’s net income fell by 6% to $38.68m (Skr372m) in the first quarter of this year, from $41.18m (Skr396m) posted in the year prior.
Saab president and CEO Micael Johansson said: “In the first quarter of the year, we continued to see strong interest in Saab’s portfolio, particularly in Dynamics and Surveillance. Order intake increased by 38%, driven by medium-sized orders across most business areas. Order intake in our international markets increased by 78%.
“Dynamics received orders for training systems to the US and Finland, and Surveillance received a contract for a civil security solution in Australia. At Kockums, a large contract from Sweden for the mid-life upgrade of the third Gotland-class submarine was received.”
Earlier this month, Saab secured a $16.2m contract to supply combat training simulators to the Finnish Defence Forces.