The defense industry in Ukraine continues to evolve rapidly, with particular attention drawn to the company "Ukrainian Armored Vehicles", which has demonstrated phenomenal revenue growth in recent years, writes the Telegram channel "All Moves Recorded".
In 2023, the company's revenue reached 32.4 billion UAH, and forecasts suggest it will approach nearly 50 billion UAH by the end of 2024.
However, it is noteworthy that 90% of the company’s revenue comes not from production but from imports. Essentially, it acts as a mediator between the government and foreign suppliers of military products, even though the government could procure weapons directly.
Is Pashinsky not involved here?
The company is traditionally linked to Serhiy Pashinsky, who has worked for many years in the field of defense procurement. However, official co-owner Vladislav Belbas insists: Pashinsky has no connection to the company.
According to him, the collateral of 272.5 million UAH for the company’s operations was provided not due to Pashinsky's political influence, but for access to his expertise and contacts.
“The issue is not about politics, but about efficiency. In wartime conditions, the government purchases from those who can quickly and effectively supply the army with everything it needs,” explains Belbas.
What does "Ukrainian Armored Vehicles" actually produce?
Although the company operates with billion-dollar budgets, it has localized production only in a few areas. Currently, mortar systems and their ammunition are produced in Ukraine, while the main income is generated through imports.
This business model raises a logical question: why has this company become a key player in supplying weapons for the Ukrainian army, and does it actually operate more efficiently than state mechanisms?
So far, the authorities have not provided an answer to this. But with such rapid business growth, defense supplies will likely remain an area of interest not only for the military but also for politicians and businessmen for a long time.