Finance Copy

Proving the essence of our vision with another record year

Since the start of the pandemic in early 2020, Nammo has seen solid growth in sales and profitability, in spite of factors like component and materials shortages and immense pressure on supply chains driving costs upward.

In 2021, we continued to build on our positive market and technological momentum, and managed to grow our market share. Nammo’s sales rose 16 percent to NOK 6.98 billion in 2021, while profit before tax increased 17 percent to NOK 644 million during the year. This positive result was built on robust US commercial ammunition sales and from security of supply contracts to our Nordic customers, replenishing their stocks throughout the year.

The solid performance in 2021 is a clear testament to our ability to perform and deliver even in adverse circumstances. It also illustrates the strength of our products and brand, and our focus on profitable growth from a lean and effective organization.

Business and technology highlights in 2021

In this record-breaking year Nammo experienced many highlights, and some of these include:

• First major US production contract on new shoulder fired weapon M72 valued at USD 498 million over five years – Nammo’s largest ever framework agreement.
• Selected for further development of the US Ramjet Artillery round after demonstrating world leading technology.
• Successfully completed sole source demonstration of US reloaded rocket motor for long-range artillery.
• Increased deliveries of ammunition under Security of Supply contracts to Norway and Finland.
• First delivery contract to Norway on new long-range artillery ammunition and qualification successfully completed in Finland.