Drone maker Primoco UAV sees net profit skyrocket in 2023

Drone maker Primoco UAV sees net profit skyrocket in 2023

Prague, April 29 (CTK) - Czech drone maker Primoco UAV made a net profit of over Kc228m last year, up from Kc30m in 2022, while its sales rose sixfold yr/yr to nearly Kc600m, according to the annual report provided to CTK today by Ladislav Semetkovsky, CEO and majority shareholder of Primoco UAV.

"Last year brought record economic and operational results for our company. Along with the growth in sales, we have also made significant progress in preparing the company's development for the longer term, entering into cooperation with Airbus Defence and Space and its subsidiary Airbus Airborne Solutions (ADAS), which opens up opportunities for us to reach out to the company's clients," Semetkovsky said.

Thanks to Primoco UAV, the Czech Republic has taken the second place in the global ranking in deliveries of medium-sized drones, he said. This market segment was dominated two-thirds by US manufacturers and one-third by Primoco UAV.

"The demand for unmanned devices is steadily growing due to the geopolitical situation, and among those interested in these products are armed forces, security forces and private companies that realise the benefits and importance of unmanned systems," Semetkovsky added.

Since January 24, 2024, the company's shares have been traded on the Prague Stock Exchange's (BCPP) main market. As of March 18, they also became part of the PX index.

Last year, Primoco UAV's shares recorded significant growth thanks to its financial results and a favourable outlook for the future. While on December 31, 2022, the securities were trading at Kc410 apiece, by the end of December 2023, their price had risen to Kc885. Today, their price was Kc920.

According to Semetkovsky, Primoco is continuing its project to revitalise the Pisek-Krasovice airfield in southern Bohemia. In addition to a new assembly hall, a new control centre for the operation of Primoco UAV aircraft worldwide, a pilot training centre and a research department for the development and testing of new technologies will be built on the site. Construction is scheduled to start in 2025, which would allow the company to more than triple its total delivery capacity from 2027.

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