Saab says orders more than doubled after Polish submarine deal

Swedish defence group Saab said its order bookings more than doubled in the second quarter, helped by a Polish order for three new submarines, and said it was working to increase capacity.

Chief executive Micael Johansson said demand for defence and deterrence capabilities stayed strong during the quarter, with customers investing in both immediate readiness and longer-term capabilities.

Saab said order bookings rose 141 percent from a year earlier to 68.4 billion kronor, or about $7.1 billion, in the April-to-June period. The company said the total included a 47 billion kronor order from Poland for three A26 submarines, which it described as its largest export order to date.

The group said sales rose 29 percent to 25.5 billion kronor, while net income rose 41 percent to 2.2 billion kronor.

Johansson also said market interest in Saab's Gripen fighter jets remained strong. In late June, Ukraine signed a contract to buy 16 of Saab's latest Gripen E aircraft. Earlier in June, Swedish Defence Minister Pal Jonson said Sweden and Brazil had signed a declaration of intent for Brazil to buy 20 additional Gripen fighter jets, on top of the 36 it already has.

Johansson said Saab was operating in a market with structurally growing demand and remained focused on scaling capacity. He said the company had grown to more than 29,000 full-time employees.