Safran recently released its Q1 2022 revenue report, with strong growth seen, especially in its aftermarket division.
Overall, the first quarter saw Safran report revenues of €4.09 billion.
Despite the growth, Safran says it has been impacted by the conflict in Ukraine.
The conflict has led Safran to suspend all exports and the provision of services to Russia. In addition, all industrial joint-ventures in Russia have also been put on hold.
Safran also saw the loss of sales and induced inflation on raw materials.
“2022 has started off well with Q1 organic growth at 17%, in line with our full-year guidance in a difficult context of significant air traffic volatility in China, the Russia-Ukraine conflict, supply chain tensions, and inflationary pressure,” said Olivier Andriès, CEO of Safran.
“We are taking vigorous steps to offset fully the margin impact of the Russia-Ukraine conflict and inflation, notably additional savings in all Group entities and strict control in the phasing of expenses. Commercial momentum is still building up with meaningful contracts booked since the beginning of the year.
According to Asian Sky Media’s China GA report 2021, Safran is the fifth largest general aviation engine OEM in the Asia-Pacific region.
© Copyright Global Sky Media -2022 | All Rights Reserved