Czech drone maker Primoco sees sales, profit fall in Q1

Czech drone maker Primoco sees sales, profit fall in Q1

Prague, May 6 (CTK) - Czech drone maker Primoco UAV SE saw sales fall to Kc549,000 in Q1 of this year from almost Kc88m a year ago and posted a loss of Kc13.1m compared to a profit of Kc42.9m in Q1 2023, the company said in a press release and investor presentation on its website.

According to company CEO and majority shareholder Ladislav Semetkovsky, the year-on-year decline in economic indicators is only temporary and is related to the fact that in the first three months of this year, the company focused on production under previously agreed orders.

"Demand for our drones remains high. We are now finalising contracts with customers primarily in Europe and Asia to deliver dozens of new machines," Semetkovsky said.

Primoco plans to sell 50 to 60 new drones this year. Last year, it delivered 33 drones to customers.

The company expects to increase sales to Kc900m up to Kc1.1bn this year from less than Kc600m last year.

"The strong demand for our unmanned systems this year will be supported, among other things, by the completion of the NATO STANAG 4703 military certification," said Semetkovsky.

According to Semetkovsky, Primoco is also at an advanced stage of negotiations with the government of Uzbekistan to establish a production, training and service centre near Tashkent. The facility could produce up to 100 drones annually for delivery to Asian markets.

In the Czech Republic, Primoco is seeking a building permit for a new manufacturing, service and training facility on the site of the company's airport in Pisek, southern Bohemia. The construction is expected to start next year and the company intends to invest a total of Kc750m. Thanks to the new facility, Primoco could increase its production of the One drone to 150-250 units a year.

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