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.

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By GlobalData

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.