Gevorkyan announces successful 2024 with revenue up 23%
March 13, 2025
Gevorkyan a.s., headquartered in Vlkanová, Slovakia, has announced its preliminary financial results for 2024 and responded to global changes, focusing on developments in the defence sector. The company reported an operating profit of €10.62 million (a 19.61% increase year on year). The company also recorded sales of €94.22 million and a statutory EBITDA of €26.05 million (up 23.22% and 25.68% from 2023, respectively) Compared to the company’s financial plan, this represents 101% fulfilment of revenue and 93% fulfilment of statutory EBITDA.
The total one-time costs relating to Gevorkyan’s acquisitions for the entire year 2024 reached €2.11 million; these items were thus used to normalise EBITDA and operating profit. Normalised EBITDA reached €28.16 million, slightly exceeding the plan. The normalised EBITDA margin reached 29.88%. The profit after tax (EAT) was reported at €4.57 million, representing a 21.95% increase compared to the same period last year.
Despite company expansion, employment numbers dropped as a result of increased automation.
Currently, the company covers 100% of its need for technical gases (nitrogen and hydrogen); photovoltaic panels will cover approximately 25% of total energy consumption after their installation is completed. The company also has installed batteries to balance consumption fluctuations, allowing further savings and back-billing to energy suppliers.
Gevorkyan has highlighted its diverse product portfolio, noting new projects for robotic taxis and the lack of deliveries for diesel and gasoline motorisations. The defence segment is also said to be gaining importance; in this month alone the company has acquired ten new long-term contracts for the development and supply of weapons manufacturers from the civilian defence sector and customers from the US and Europe.
Global changes and development in the defence sector
With the growing emphasis on national security, governments are focusing on investment in defence technology. In recent years, Gevorkyan has invested heavily in weapons production capacities and technologies and has won long-term contracts thanks to its competitive advantage over conventional engineering.
“Our company is trying to take advantage of how the cards are dealt today. The basic challenge will be not to fight it, but to adapt to the situation. I would say we will have a year of ‘aikido’, where you try to turn the pressure and the strength of the opponent to your advantage,” added Dipl. Eng. Artur Gevorkyan.
The company participated for the third time at the arms fair IWA 2025 in Nuremberg
The fair participants reportedly appreciated Gevorkyan’s technological capabilities and its ability to provide immediate large capacities for deliveries to arms manufacturers. The company also made a great impression on world brands with its development projects, where the provided technical solutions brought not only production capacities but also significant savings.
With this unique combination of capabilities and development for new generations of weapons, the company has won more than ten new customers for long-term contracts.
Armed Forces Academy visit
At the beginning of March, the company again welcomed students from the Armed Forces Academy of General Milan Rastislav Štefánik. The company’s annual visits help students gain practical knowledge of the manufacturing process and real-world applications and discover the benefits of Powder Metallurgy for defence and industry.
