Tel Aviv. In spite of a drop in the sales of its civil group, Israel aerospace industries’ (IAI) revenues in 2020 reached a record of US$4,184 million, representing the highest sales revenues ever recorded in company history, compared to US$4,108 million in 2019.
The increase is mainly as a result of spike in the sales of the ELTA Group and the Systems Missiles & Space Group. The sales of the Military Group in 2020 increased by 14 per cent to US$3,508 million compared with US$3,080 million last year, an increase of US$428 million.
The sales of the Aviation Group’s sales in 2020 decreased by approx. 18 per cent to US$1,187 million compared with US$1,442 million last year – US$25 million of the decrease can be attributed to the crisis in the global aviation industry.
Sales for export in 2020 accounted for 71 per cent of sales at approx. US$2,991 million (approx. US$1,193 million to Israel, representing 29 per cent of sales), similar to the figures recorded in 2019.
Net income in 2020 grew by 48 per cent to approx. US$133 million (approx. 3.2 per cent of sales), compared with net income of approx. US$90 million in 2019 – the highest net income in IAI history. The Military Group’s net income in 2020 increased by approx. 13 per cent to approx. US$248 million compared with approx. US$219 million in 2019, an increase of US$29 million. The Aviation Group’s net loss in 2020 amounted to approx. US$32 million compared with a loss of approx. US$21 million in 2019.
Gross profit in 2020 grew by 15 per cent to approx. US$665 million (about 16 per cent of sales) compared with approx. US$577 million (approx. 14 per cent of sales) in 2019. The growth in gross profit derives mainly from increased sales of the Systems Missiles & Space Group and the ELTA Group.
The Military Group’s gross profit in 2020 increased by 15 per cent to approx. US$598 million compared with approx. US$520 million in 2019, an increase of approx. US$78 million. The Aviation Group’s gross profit in 2020 increased to approx. US$78 million compared with approx. US$74 million in 2019.
The Military Group’s operating income in 2020 grew by 18 per cent to approx. US$285 million compared with approx. US$241 million in 2019, an increase of US$44 million.
-The writer is International Roving Correspondent of the publication
-The writer is an Israel-based freelance journalist. The views expressed are of the writer and do not necessarily reflect the views of Raksha Anirveda
