Saab reports record new orders

Saab, a Swedish defense company, reported record new orders in the third quarter of 2020, driven largely by a contract to supply 16 Gripen E fighter jets to Ukraine. New orders totaled 65.8 billion Swedish crowns (approximately 5.92 billion euros), more than tripling from 20.9 billion crowns a year earlier.

Major contract for Gripen E jets

The contract for the 16 Gripen E aircraft, valued at 24.6 billion crowns, was signed in June and accounted for in the third quarter. Additional orders included a 10.1 billion crown contract for the supply of GlobalEye military surveillance aircraft to an unidentified client in the Middle East and an 8.7 billion crown contract for systems intended to equip German frigates.

CEO highlights growth and strategy

Micael Johansson, CEO of Saab, noted that the growing demand from customers has led to major contracts, including the supply of Gripen jets to Ukraine, the GlobalEye program, and the order for the German frigates. He stated that Saab continues to invest in future capabilities and increase its resources, with a solid order book and program progress positioning the company favorably for continued growth.

Saab's product range and market position

Saab, which produces a range of military equipment including Gripen fighter jets, submarines, missiles, and advanced electronic systems, benefits from increased defense spending in Europe. Its Gripen aircraft are exported to countries including Hungary, Brazil, Thailand, and South Africa. The company faces competition from firms such as American Lockheed Martin, French Dassault Aviation, and British BAE Systems.