Sweden's Saab reports strong results in second quarter
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Saab reports strong results in Q2 2021

22 Jul 2021 (Last Updated July 22nd, 2021 16:54)

The company reported a 15% sale growth driven by high project activity and deliveries.

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Saab reports strong results in Q2 2021
Swedish Airforce Saab 340 with Erieye radar. Credit: Petkr.

Swedish aerospace and defence company Saab has reported strong results in the second quarter of 2021 driven by high project activity and defence deliveries.

In the second quarter of the year, the company registered total sales of $1.17bn (Skr10.13bn). The figure represents a 15% jump compared to $1.02bn (Skr8.84bn) recorded in the same period a year ago.

The company received new orders worth $1.14bn (Skr9.88bn) in Q2 2021, an increase of 7% compared to the prior year’s quarter.

Saab’s gross income also recorded a 15% quarterly increase to $240m (Skr2.11bn) on a year-on-year basis.

However, the company net income dropped by 1% from $59.7m (Skr518m) in Q2 2020 to $59.2 (Skr514m) in Q2 2021.

EBITDA increased by 19% in the second quarter.

In the first half of this year, the order backlog grew by 7% to $11.4bn (Skr96.7bn). Company sales also jumped by 14% in the first six months of 2021 compared to the same period a year before.

Saab president and CEO Micael Johansson said: “The activity in the defence market continued to be favourable in the second quarter and demand in our main markets remained good.

“This benefits Saab’s growth both internationally and in Sweden, supporting our multi-domestic strategy.”

Johansson further added that five out of six business areas showed improved volumes, while the civil aviation business reported a decline in sales.

As of 1 July, Saab implemented a new structure that reorganised its six businesses into four to improve operational efficiencies.

Headquartered in Stockholm, Sweden, Saab has operations and employees on all continents.

Recently, the company secured a nearly $75m order from the US Army to deliver Carl-Gustaf shoulder-fired ammunition.