IAI's 2023 Annual Financial Statements: Highest Grossing Year in Company History

The Company's order backlog leaped to about USD 18 billion | Sales grew to approx. USD 5,327 million | Net income is approx. USD 318 million

IAI's 2023 Annual Financial Statements: Highest Grossing Year in Company History

IAI's Chairman of the Board of Directors, Amir Peretz and President and CEO Boaz Levy. Photo credit IAI

Israel Aerospace Industries (IAI) enjoyed its highest-grossing year in history in 2023. According to its financial statements, the company experienced an increase in sales to about USD 5,327 million in 2023 compared with about USD 4,973 million in 2022; a 49% growth in net income in 2023 to about USD 318 million compared with net income of about USD 213 million in 2022; and a rise in gross profit in 2023 to about USD 967 million compared with about USD 824 million in 2022

The Company's order backlog leaped to about USD 18 billion, representing 3.3 years of operation compared to USD 15.6 billion at the end of 2022. The Company's revenues in 2023 amounted to about USD 5,327 million compared with about USD 4,973 million in 2022, an increase of about USD 354 million (about 7%), deriving from increased sales in its Military Groups.

Net income in 2023 rose by 49% to about USD 318 million (about 6% of sales), compared with net income of about USD 213 million in 2022. The net income of the Military Groups in 2023 increased by some 38.2% to about USD 387 million, compared with about USD 280 million in 2022, an increase of USD 107 million. The net income of the Aviation Group in 2023 amounted to about USD 40 million compared with about USD 45 million in 2022.

“The international changes that affected our ability to conduct business in a normal way in areas where stability was undermined, and in addition the fighting in Israel, forced us to adjust the company's policy,” said Amir Peretz, Chairman of the Board of Directors of IAI. “The company worked round the clock to meet the IDF’s operational requirements and supply all the needed munitions. New systems that were in the final stages of development were deployed operationally, including different autonomous systems. Despite the difficulties of the situation, we maintained the upward trend of the company’s business results, and 2023 ended as our best year since the establishment of IAI in all its business parameters."

“The mobilization of our employees for wide-ranging and intense work in support of Israel’s defense establishment, and not least, our activities for our foreign clients, have brought about groundbreaking results in what has been a challenging year,” said Boaz Levy, IAI CEO.

“The considerable increase in R&D is noteworthy and its results can be seen every day, even during the current Iron Swords conflict. We are proud that this year too our partners and customers abroad are expressing their confidence in IAI’s advanced systems, solutions which express the spirit of innovation, professional commitment and dedication that characterizes the men and women employees of the company.”

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