Polish Armaments Group PGZ (Polska Grupa Zbrojeniowa) has published a financial report for the year 2022 which includes the revenues. The figures were analyzed by the Polish news portal Defence24.
The report says the overall income of the arms conglomerate in 2022 was 8.35 billion zloty or approximately USD 2.1 bln.
Read more: Poland's Supply of Krab Howitzers on the Chassis From Korean K9 Thunder Was Agreed With Seoul
Of this quantity, around 17.6% or 1,477 bln zloty ($370 mln) is export income. As noted by the journalists, it is twice as much as in 2021 when the total export sales amounted to 690 mln zloty ($173 mln).
A large portion, more specifically over a half or $208 mln in 2022 was earned by the Huta Stalowa Wola company, this includes a $189 mln deal with the Ministry of Defense of Ukraine by which the Ukrainian Army gets Krab self-propelled artillery systems and Regina fire module elements.
A reminder from Defense Express: three batteries of Krab artillery systems were reported as delivered in Ukraine back in May 2022, later in June an agreement signed by Kyiv and Warsaw provided for the procurement of 54 additional howitzers.
Poland, who is on the way to increasing its artillery production with the licensed domestic manufacture of Korean K9 Thunder SPG, has broad prospects of cooperation with Ukraine, believes Pavlo Verkhniatskyi, Director and Managing Partner at COSA business consulting company with experience in the defense industry partnerships:
"In addition to the existing projects with Ukrainian developers and manufacturers, Poland and Ukraine may join forces to start producing artillery systems … it will make the end product much cheaper. Poland can use the more affordable products to enter third markets where it doesn’t yet have a strong foothold, which will make it more competitive next to large weapons exporters that focus on emerging markets and usually entice customers with low prices," the expert says. He is sure Ukraine can become not just a profitable customer but a reliable partner if the conditions are met.
Pavlo Verkhniatskyi has been consulting international companies, including defense industrial enterprises on how to enter the Ukrainian market. More details about what kind of prospects open up before them as they consider Ukraine, what they should be aware of, and what steps should be made by both the businesses and the Ukrainian government, is already available here.
Read more: This is How British AS90 and Korean Tanks "Turned Into" Krab SP Howitzers
