IAI logs record annual sales and net income
Stronger military sales outweigh fall in commercial aviation-related sales amid COVID-19 pandemic.
Israel Aerospace Industries (IAI) posted record sales and net income in 2020, the company announced on 18 March when revealing its annual financial results.
Sales reached $4.2 billion (up by 1.85%) and net income rose by 48% year on year to reach $133 million.
R&D (in-house and contracted) exceeded the $1 billion mark for the first time, increasing by 13% in 2020 to about $1.04 billion.
IAI attributed sales growth mainly to increased demand for goods and services from its Elta subsidiary and the Systems Missiles & Space Group. Sales in the IAI Military Group in 2020 increased by 14% to $3.51 billion.
However, the crisis in civil aviation amid the COVID-19 pandemic contributed to an 18% fall in revenues from the Aviation Group to $1.19 billion.
Exports in 2020 accounted for 71% of sales, which was similar to the proportion recorded in 2019.
The year-end order backlog was slightly lower in 2020 ($12.6 billion versus $13.5 billion in 2019). Export customers accounted for 79% of the 2020 total.
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