Stockholm:Swedish defense company Saab announced a significant increase in its third-quarter order intake, which more than tripled to 65.8 billion Swedish kronor ($6.6 billion) compared to the previous year, driven by a contract to supply Gripen fighter jets to Ukraine.

According to Anadolu Agency – English, the new orders rose from approximately $2.1 billion in the same period last year, surpassing market expectations. The company's sales for the July-September period amounted to roughly $2.07 billion, also exceeding expectations, with earnings before interest and taxes reaching $196 million.

The substantial increase in order intake was primarily attributed to a $2.47 billion contract for 16 Gripen E fighter jets for Ukraine. This deal was finalized in June and documented in the third quarter, with deliveries planned for 2029-2030.

Saab CEO Micael Johansson highlighted the increase in customer demand, citing major contract awards, including the Gripen jets for Ukraine, GlobalEye, and a contract related to Germany's new frigates. Other significant contracts included a $1.01 billion order for GlobalEye surveillance aircraft from an undisclosed customer in the Middle East and an approximately $873 million order for systems for German frigates.

The positive results come amid a push by European governments to enhance their military capabilities and speed up defense procurement processes. Saab, known for producing fighter jets, submarines, missiles, and advanced electronics, has seen a notable rise in demand since Russia's war against Ukraine began in February 2022.