IAI reports most profitable period in company history
IAI was selected as the prime contractor for the Carmel program, the future armoured fighting vehicle for the IDF. (Image: Israel Aerospace industries)
IAI reports consistent growth in Q3, some of which is attributed to major awards such as the Carmel project.
Israel Aerospace Industries have reported profitability and growth for the 12th consecutive quarter in the Q321 financial report.
This quarter has marked the most profitable period in company history with 17% growth in net income throughout the past three fiscal quarters.
2021 has seen an increase in sales by approximately $3 billion, with over $1 billion occurring in the third quarter.
This growth has been attributed to increased sales in the Systems Missiles & Space Group and the Military Aircraft Group while being partly offset by reduced sales in the ELTA Group.
There has been a growth of 17% in operating income throughout the period and 44% in Q3 to approximately $52 million.
This growth has been aided by a number of major awards.
IAI was selected by the Israeli MoD to develop and manufacture the Carmel project for the IDF.
The Estonian Defence Forces selected IAI to provide advanced anti-ship missile systems, while the Bundeswehr contracted the company to provide radars.
IAI also signed a cooperation agreement with SixAI to convert defence technology for the civilian market.
Moreover, IAI has seen expansion into the Asia-Pacific region, with multiple contracts awarded by the Republic of Korea.
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