Bandung. The state-owned defense company Pindad has recently reported sales of Rp 7.98 trillion ($490.5 million) for the fiscal year 2023, marking a significant increase from Rp 6.4 trillion in the previous year.

Based in Bandung, the company achieved a net profit of Rp 120.7 billion last year, compared to Rp 101.6 billion in 2022.

Pindad CEO Abraham Mose expressed optimism about the company's future prospects, citing secured deals with customers at substantial values, attributed to product enhancements and innovations.

"We have introduced new amphibious weapons and the latest version of our assault rifles. Additionally, we have recently secured a major production contract for our tactical vehicles, known as Maung 3," Abraham stated.

"The current contract is valued at Rp 25.7 trillion, and we are on track to achieve a revenue of around Rp 8.9 trillion," he added.

Abraham noted that global crises have led to price increases in materials crucial to the industry, particularly propellant and bullet-proof steel plates.

To address this challenge, Pindad aims to increase the utilization of locally-sourced materials and components to at least 50 percent, he said.