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Genocide is a racket:
Top global arms producers’ revenues surge as major wars rage: SIPRI report
From Israel to Elon Musk’s SpaceX and other giant companies in the US and Europe, arms producers had a profitable 2024.
Lockheed Martin, Northrop Grumman and General Dynamics led the pack in the US, where the combined arms revenues of arms companies in the top 100 grew by 3.8 percent in 2024 to reach $334bn, with 30 out of the 39 US companies in the ranking increasing their revenues.
However, SIPRI said widespread delays and budget overruns continue to plague key projects such as the F-35 fighter jet, the Columbia and Virginia-class submarines, and the Sentinel intercontinental ballistic missile.
Billionaire Elon Musk’s SpaceX appeared in the list of top global military manufacturers for the first time, after its arms revenues more than doubled compared with 2023 to reach $1.8bn.
Excluding Russia, there were 26 arms companies in the top 100 based in Europe, and 23 of them recorded increases in revenues from sales of weapons and equipment. Their aggregate arms revenues grew by 13 percent to $151bn.
After boosting revenues by 193 percent to reach $3.6bn through making artillery shells for Ukraine, Czech company Czechoslovak Group recorded the sharpest percentage increase in arms revenues of any top 100 company in 2024.
As Ukraine faces a relentless Russian offensive in its eastern regions, the country’s JSC Ukrainian Defense Industry increased its arms revenues by 41 percent to $3bn.
European arms companies have been investing in new production capacity to fight off Russia, the SIPRI report said, but it cautioned that sourcing materials – particularly in the case of dependence on critical minerals – could pose a “growing challenge” as China also tightens export controls.
Rostec and United Shipbuilding Corporation are the only two Russian arms companies in the ranking, and they also increased their combined arms revenues by 23 percent to $31.2bn despite being hit by Western-led sanctions over the Ukraine war.
Israel reaps profits of Gaza genocide
For the first time, nine of the top 100 arms companies were based in the Middle East, according to SIPRI. The nine companies racked up a combined $31bn in revenue in 2024, showing a regional increase of 14 percent.
As the United Arab Emirates continues to face international allegations of arming the devastating war in Sudan, the institute noted its regional figure excludes Emirati-based EDGE Group due to a lack of revenue data for 2023. The UAE rejects the accusations.
The three Israeli arms companies in the ranking increased their combined arms revenues by 16 percent to $16.2bn amid the ongoing genocidal war on Gaza, which has killed nearly 70,000 Palestinians and destroyed most of the besieged enclave.
Elbit Systems pocketed $6.28bn in profits, followed by Israel Aerospace Industries with $5.19bn and Rafael Advanced Defense Systems with $4.7bn.
SIPRI said there was an international surge in interest in Israeli unmanned aerial vehicles and counter-drone systems. Rafael’s surge was tied to Iran, as demand for the company’s air defence systems rose to “unprecedented levels” after Iran’s large-scale retaliatory strikes against Israel in April and October 2024 that used ballistic missiles and drones.
Five Turkish companies were in the top 100 – also a record. Their combined arms revenues amounted to $10.1bn, showing an 11 percent increase.
Baykar, which makes, among other things, advanced drones most recently sold to Ukraine, saw 95 percent of its $1.9bn in arms revenue in 2024 come from exports to other countries.
Military companies from the United Kingdom, France, Germany, Italy, India, Taiwan, Norway, Canada, Spain, Poland and Indonesia were in the ranking as well.
