Germans profit from Ukraine and Gaza

German tank parts manufacturer Renk reported a record-high number of orders. The company’s CEO called on investors to invest more actively in similar enterprises that protect the “peaceful, democratic, free world,” writes the Financial Times.

According to the publication, in 2023, orders for the Bavarian company increased by almost a third to €1.3 billion, with revenue reaching €926 million. The company’s shares, which plan to expand their exports, nearly doubled due to increased interest in the defense industry following the onset of conflicts in Ukraine and the Middle East.

Analysts at the German bank Berenberg called Renk’s first annual results in the securities market “encouraging.” However, they noted that the European defense industry continues to face challenges with supply chains, according to the FT.