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12 Nov 2018

Belarusian defense contractors encouraged to improve financial performance

Belarusian defense contractors encouraged to improve financial performance

MINSK, 12 November (BelTA) – The Belarusian defense industry operates rather well but it has to double the corresponding financial indicators in the near future. Belarus President Alexander Lukashenko made the relevant statement as he heard out a report from Chairman of the State Military Industrial Committee of Belarus Roman Golovchenko on 12 November, BelTA has learned.

Alexander Lukashenko stated that the performance of the Belarusian defense industry is satisfactory on the whole, including its profitability, profits, and the average salary. “But it is not enough. These financial figures represent only half of what needs to be achieved as of the end of the next year. This is why make plans for the future to double not the physical volume but cash earnings,” said the head of state.

According to Alexander Lukashenko, the world has changed, the demand for smart high-precision weapons and weapons to defend against them is strong. “We make defensive systems. They represent what many countries need. We don’t intend to launch an offensive against anyone. This is why it is necessary to build up the local expertise to satisfy the domestic demand for highly effective defensive weapons and offer some to other countries,” noted Alexander Lukashenko.

The head of state said he wanted all Belarusian defense companies to do better regardless of whether they are run by the state or a private owner. “There is no difference. Naturally, due to peculiarities of your products we need strict oversight and administration over these enterprises,” he said.

Alexander Lukashenko also asked Roman Golovchenko about the state of affairs in the State Military Industrial Committee of Belarus and plans formulated in view of the strategic goals.

According to the committee’s website, the profitability of sales of the Belarusian defense industry reached 23.4% in 2017. The industrial output growth rate totaled 128.4%, with the export growth rate at 110.6%. Surplus from foreign trade operations reached $622.4 million.

As far as financial performance is concerned, earnings per employee reached Br117,800 in 2017, with the net profit growth rate at 123.8%.

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