IAI Reports Income of Over $4 Billion in 2019

The company's income grew by $426 million in 2019 and its profits increased to $90 million, the highest level in a decade. IAI CEO: The business transformation that the company has undergone during the last few years is bearing fruit

 

Israel Aerospace Industries CEO Nimrod Sheffer. Photo: Kfir Ziv

Israel Aerospace Industries on March 26 released its financial reports for the year 2019. The company reports a 12% growth in sales and about $4.1 billion in income, compared to about $3.6 billion in 2018. It is the first time for IAI's income to surpass the $4 billion mark.

Also, its net profit jumped to about $90 million following losses of about $44 million in 2018. The company's net worth reached about $929 million. It received a combined $13.4 billion worth of orders, representing more than three years of operations.

IAI's chairman of the board, Harel Locker, said "The business transformation   that the company has undergone during the last few years is bearing fruit within a short period of time, as was shown in the financial results for 2019."

IAI President and CEO Nimrod Sheffer said "The challenges facing the Israeli and world economy in this period are complex, and it is still not possible to estimate their exact extent. IAI is preparing and taking action with determination, first and foremost to protect the health of its workers while maintaining its business strength and continuity."

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