Israel Aerospace Industries (IAI), comprises of four groups: ELTA Systems, which offers a broad range of electronic systems for air and space, land, naval, and homeland security applications; Systems Missiles & Space Group, which offers expertise in air and missile defence systems, offensive and defensive naval systems, surface-to-surface missiles, and loitering munitions; Military Aircraft Group combines state-of-the-art technology and knowhow with hands-on field experience, offering innovative Unmanned Aerial Systems solutions for land-based, aerial and the maritime domains; and the Aviation Group – which covers the full spectrum of technologies and capabilities for the design, integration, testing, certification, manufacturing, marketing, and product support of manned and unmanned aircraft – from business jets to the conversion of passenger jets, cargo planes, aerostructure assemblies, and parts.
IAI’s net income in H1 2024 increased by 78% to US$ 294 million compared with US$ 165 million in H1 2023, the most profitable half-year in the company’s history, so far. The financial results further showed an increase of about 115% in net income to US$ 159 million in Q2 2024 compared with US$ 74 million in Q2 2023.
IAI’s net income in H1 2024 increased by 78% to US$ 294 million and an increase of about 115% in net income to US$ 159 million in Q2 2024 compared with US$ 74 million in Q2 2023.
The financial results further showed that the company’s operating income grew in H1 2024 to US$ 310 million (about 11% of sales) compared with an operating income of US$ 205 million (about 8% of sales) to the corresponding period of the last year. Operating income in Q2 2024 grew to US$ 163 million (about 11% of sales) compared with an operating income of US$ 88 million (about 7% of sales) in Q2 2023.
The Gross profit increased in H1 2024 to US$ 554 million (about 19% of sales) compared with US$ 456 million (about 18% of sales) in the corresponding period of the last year. Increase in gross profit in Q2 2024, amounted to US$ 281 million (about 20% of sales) as compared with US$ 215 million (about 17% of sales) in Q2 2023.
12% growth in sales amounting to US$ 2,852 million in H1 2024, compared with US$ 2,540 million in the corresponding half of 2023. An increase of about 13% in sales in Q2 2024 to US$ 1,420 million compared with about US$ 1,261 million in Q2 2023.
The IAI has increased its investment in R&D and supplies advanced technological solutions to Israel’s security establishment and its customers worldwide, at present it has an Order Backlog of US$ 22.2 billion and Sales of US$ 2.85 billion.
IAI’s Chairman of the Board Amir Peretz, commenting on the fabulous financial results said, “IAI’s business results are not only a reason for pride for our employees, but for all Israel’s citizens. We are religiously fulfilling our national mission, the most important there is, for the country’s security – on a daily basis and hour-by-hour – while at the same time ensuring that our business continuity is unaffected and our relationships with our customers are preserved, thereby strengthening Israel’s position in the world. The results emerging from the latest half-year reports tell an Israeli story of uncompromising excellence – the reason that some one hundred and fifty countries worldwide select IAI’s systems – because they are simply the best. Israel Aerospace Industries with all its employees and managers are tirelessly investing their individual and combined efforts – 24/7, and our message to each and every citizen is that IAI can be relied on and trusted to deliver.”
IAI’s President and CEO, Boaz Levy said, “The company’s financial results have been constantly rising in recent years and reflect significant and wide-ranging activities both with Israel’s defence establishment and with our customers abroad, and seen in the signing of large-scale contracts that have greatly increased the company’s backlog of orders. IAI sees supreme value in maintaining the State of Israel’s technological leadership; in light of this necessity, we have, in the current quarter, increased investment in the research and development of advanced technologies to provide a response to the demands of combat warriors on the ground, and the development of the company’s future products. Since the outbreak of the current war, the company’s systems are playing a significant role in operations in all arenas: in the air, at sea, on land, and in space; this is thanks to IAI’s men and women employees who are currently working ever harder. It is precisely in these challenging times that we are proud of maintain our ranking with the maximum ilAAA rating awarded us by Maalot S&P.”
IAI sees supreme value in maintaining the State of Israel’s technological leadership; we have, in the current quarter, increased investment in the research and development of advanced technologies to provide a response to the demands of combat warriors on the ground: CEO, Boaz Levy.
Sales for export in H1 2024 accounted for about 67% of sales, totalling US$ 1,912 million (US$ 940 million, representing 33% of sales, in Israel), compared with about 73%, totalling US$ 1,850 million (US$ 690 million, representing 27% of sales, in Israel) in the corresponding half of 2023.
Sales for export in Q2 2024 accounted for 69% of sales totalling US$ 973 million (about US$ 447 million, representing 31% of sales, in Israel), compared with 73%, totalling US$ 923 million (about US$ 338 million, representing 27% of sales, in Israel) in Q2 2023.
The IAI has increased its investment in R&D and supplies advanced technological solutions to Israel’s security establishment and its customers worldwide, at present it has an Order Backlog of US$ 22.2 billion and Sales of US$ 2.85 billion. The Company’s free cash flow at present is US$ 3 billion. The S&P Maalot agency raised the Company’s credit rating to the maximum rating of ilAAA, and its international rating to A-, and both are expected to be stable.
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