Czech drone manufacturer Primoco UAV has reported record-breaking financial results for the first half of 2024, driven by growing demand for its advanced unmanned aerial systems.
The company, which is listed on the Prague Stock Exchange, saw its revenue increase by 81% year-over-year to 331 million CZK ($14.6 million), while net profit surged by the same percentage to 121 million CZK ($5.3 million).
Ladislav Semetkovský, the CEO and founder of Primoco UAV, attributes the company’s success to the superior quality and durability of its drones, which have proven their capabilities in missions across four continents. “Customers appreciate not only the quality of our machines but also our ability to respond flexibly to their individual needs and deliver quickly,” said Semetkovský. He emphasized that the company’s focus on investing in innovative technologies, manufacturing capacity, and global partnerships has allowed it to maintain an operating margin above 40%.
Primoco UAV has also secured new contracts worth over 500 million CZK ($22 million) in the first half of the year, involving the delivery of 26 UAVs. This aligns with the company’s annual forecast to secure orders for 50 to 60 drones, valued at approximately 1 billion CZK ($44 million). Last year, the company delivered 33 of its Primoco UAV One 150 aircraft.
The rising demand for Primoco UAV systems is partly due to the current geopolitical situation, as governments and security forces increasingly recognize the importance of UAVs in national defense. Additionally, the company’s drones are finding new applications in the civil sector. For instance, a recent contract with an Asian customer involves using Primoco UAVs for airport navigation system calibration and evaluation missions.
The company is also expanding its production, service, and training facilities, having acquired 303,000 square meters of land in Písek for this purpose. “We have already invested 125 million CZK in this crucial project from our own resources,” said Semetkovský, noting that construction could begin as early as next year. The new facility is expected to increase annual production capacity from 100 to 250 UAVs, with project completion targeted for 2027.