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Ammunition · Defense · Earnings · Military
Czechoslovak Group (CSG) more than doubled its core earnings in 2023, with EBITDA jumping 130% to 439 million euros, driven by robust demand for heavy military equipment and large-caliber ammunition amid increased global defense spending.
The Czech defense and industrial manufacturer reported revenue up 71% to 1.73 billion euros and net profit up 49% to 210 million euros. Defense accounted for over 70% of CSG's total revenue.
CSG Chief Financial Officer Zdenek Jurak confirmed the company faces high demand, spurred by Russia's full-scale invasion of Ukraine and subsequent re-stocking efforts by NATO members. CSG, owned by Czech billionaire Michal Strnad, invests heavily in ammunition production at its Slovakian and Spanish plants, aiming to more than double high-caliber ammunition output in 2024.
The company also expanded its workforce, adding 400 jobs at its Excalibur Army unit and nearly doubling staff at its MSM Group artillery ammunitions division. CSG is acquiring Vista Outdoor's Sporting Products division for $1.91 billion and integrated Fiocchi Munizioni in 2022, while its aerospace business also grew.
