Israel Aerospace Industries (IAI) published its annual report on Wednesday which reveals that 2023 has been the company's most profitable year ever. Demand for military equipment has soared since the Russian invasion of Ukraine and the war in Gaza in Q4, ensuring a flow of orders totaling $18 billion compared to $15.6 billion in the previous year.
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Sales were up by 7%, the highest on record for IAI and profit was up 49%, totaling $318 million – also an unprecedented sum.
Sales improved for IAI subsidiaries as well including Elta Systems that produces radars for the Iron Dome and David's Sling, defensive systems. IAI sales yielded $3.8 billion, $1.5 billion to the local market alone.
In Q4, when the war began, IAI saw a profit of $79 million compared to $11 million in 2022, and sales were up 6%.
"IAI employees made great efforts to meet demands of Israel's security needs and no less to work for our customers abroad," IAI CEO Boaz Levy said. "This yielded ground-breaking results in a challenging year."