*

SAAB Q1 operating profit up 28% on the back of strong

demand

*

Raises full-year organic growth forecast to 15-20%

*

Geopolitical turmoil, NATO accession drivers behind growth

(Rewrites, adds details and CEO quotes in paragraphs 3-4, 6-10)

By Johan Ahlander

STOCKHOLM, April 26 (Reuters) - Swedish defence

equipment maker Saab reported on Friday a 28% rise in

first-quarter operating profit and raised its organic sales

growth forecast on the back of strong demand amid Sweden's NATO

accession.

Operating profit at the maker of the Gripen fighter jet was

1.19 billion crowns ($109 million), compared with 928 million a

year earlier.

"We are doing very well in the market," CEO Micael Johansson

told Reuters. "We have a strong order intake, a lot of medium

and small orders that are increasing, which is great as a basis

for the company."

Saab raised its organic sales growth forecast for 2024 to

15-20% from 12-16% previously.

The company, which competes with U.S. defence giant Lockheed

Martin ( LMT ), France's Dassault and Britain's BAE Systems

, has seen strong demand for its products over the past

year due to geopolitical turmoil and Sweden's accession to NATO.

Johansson said Sweden's membership meant that the company

now was able to participate in the alliance's tender processes.

"We have received at least three orders for support weapons

and Robot-70s from that body. We had difficulty accessing that

when we were not members," he said.

Saab's support weapons include man-portable anti-tank

weapons, while Robot-70 is an air defence system.

Order bookings increased to 18.5 billion crowns in the

quarter from 17.0 billion last year. Its order backlog increased

to 158 billion crowns from 133 billion.

Saab is in the process of ramping up production to cope with

the demand and backlog. It recruited nearly 2,500 employees and

increased capital expenditure by more than 50% in 2023, and

added another 725 people in the first quarter of this year.

($1 = 10.8794 Swedish crowns)