ISTANBUL

Germany's major arms producer Rheinmetall on Wednesday announced its sales increased 36% last year and forecasts “major high-volume orders from military customers” in coming years.

The company’s sales totaled €9.75 billion ($10.6 billion) in 2024, it said, adding that defense business rose by 50% over the same period.

"In the civilian sector, however, the picture is mixed. While the highest sales in the company's history was achieved in the Trade business unit, business with car manufacturers is declining, as is typical for the industry," a press release from the firm read.

Armin Papperger, the company’s CEO, said Rheinmetall is “facing the challenges of Zeitenwende 2.0,” a reference to potential fiscal policy reforms under Germany’s incoming government to allow greater defense spending.

He said: "We are well prepared for this: We have massively increased our capacities already and will continue to do so.

"Over the past two years, we have invested nearly €8 billion to build new plants, make acquisitions and secure supply chains."