Major Western arms manufacturers involved in military supplies to Ukraine earned $124 billion last year, a report finds FILE PHOTO. © JAM STA ROSA / AFP

The largest military and defense corporations of NATO member states have seen a 21.5% boost in market value in 2022 amid the military operation in Ukraine and the rearmament in Europe, Vedomosti newspaper reported on Wednesday, citing data from Defense News and Tradingview analytics.

Their combined market capitalization increased from $579 billion in December 2021 to $703 billion in December 2022, according to the estimates.

The ranking included 25 companies with a capitalization of over $1 billion which are traded on the stock market and have military products dominating in their revenues, and are also actively involved in arms supplies to Ukraine.

Authors of the report name German arms manufacturer Rheinmetall as the top gainer over the last 12 months, with a 122% surge in share price. French drone and missile producer Thales saw its market value rise 54%. American defense contractor Northrop Grumman was up 44%, while stock in HIMARS rocket launchers maker Lockheed Martin gained 42%.

Other notable mentions in the report include BAE Systems (+40%), Kongsberg Gruppen (+37%), General Dynamics (+24%), and Raytheon Technologies (+19%).

The report pointed out that the value of NATO’s military giants was soaring while the overall Western corporate sector sank by 16% last year, according to the S&P 1200 index, suggesting that arms manufacturers were likely the main beneficiaries of the political crisis in Europe.

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