Czech drone manufacturer reports record profits

Primoco UAV SE, a leading Czech producer of military drones, has announced record profits for the first half of the year, driven by increasing global demand and rising defence budgets.

The Prague-based company has benefited from heightened security spending, which has surged in response to Russia’s invasion of Ukraine, conflicts in the Middle East, and growing geopolitical tensions worldwide, Caliber.Az reports via foreign media sources.

Primoco, which was listed on Prague’s main stock exchange earlier this year, specializes in mid-sized unmanned aerial vehicles (UAVs) primarily used for combat reconnaissance and border surveillance.

For the period from January to June, the company reported an 81% year-over-year increase in net income, reaching 121 million CZK (€4.8 million). Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose by 128%, amounting to 157 million CZK (€6.3 million). The company anticipates securing orders for 60 UAVs worth around 1 billion CZK (€40 million) this year, up from 33 orders last year.

Primoco has reaffirmed its commitment to expansion, announcing a 750 million CZK (€30 million) investment in a new facility aimed at more than doubling its production capacity by 2027. This expansion will include a new production, service, and training centre in Pisek, southern Bohemia, where the company has acquired 303,000 square meters of land for 125 million CZK (€5 million) using its own funds.

The company is currently preparing the necessary project documentation and other paperwork to apply for a building permit, an effort that has already cost 6 million CZK (€240,000).

Once completed in 2027, the new facility will allow Primoco to increase its production from the current 100 drones per year to 250.