Mitsubishi Heavy Industries (7011) announced on Wednesday that it forecast a twofold increase in its defense revenue to nearly JPY 1 trillion from the business year that begins in April 2024.
The increase is expected to be generated in part with the expansion of facilities to build missiles and develop next-generation fighter jets.
The Japanese company expects its defense revenue to exceed JPY 1 trillion per year from the fiscal year starting March 2027 as a result of growth in the defense and space business.
The shares of Mitsubishi Heavy Industries Ltd closed 0.23% (JPY 19.0) higher at JPY 8,295.0 in Tokyo on Wednesday, after a 2.50% loss in the previous market session.
The company’s total market cap now stands at JPY 2.785 trillion.
The shares of Mitsubishi Heavy Industries Ltd went up 96.84% in 2022, compared with a 9.37% loss for the benchmark index, Nikkei 225 (N225).
The company’s stock has risen 58.48% so far this year.
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