IAI Announces Record Revenue In 2020, Profit Jumping 48%

Israel Aerospace Industries Ltd. (TASE: ARSP.B1) reported record revenues of $ 4.184 billion in 2020, up slightly from $ 4.108 billion in 2019. Fourth-quarter revenue was $ 1.1 billion, up from $ 1.092 billion. In the corresponding quarter of 2019. Net profit in 2020 was $ 133 million, up 48% from $ 90 million in 2019. Fourth quarter net profit was $ 21 million, up from $ 8 million in the corresponding quarter 2019. IAI had an order backlog of $ 12.6 billion, at the end of 2020, representing 3.13 years in operation, down from a backlog of $ 13.5 billion at the end of 2019. IAI chairman Harel Locker said the company had an influx Free cash totaling $ 1.3 billion, “IAI has completed a 180-degree turn in recent years. In 2019 we have seen unprecedented milestones and 2020 has been a milestone for the company’s business, operations, and financial success since its inception in 1953. IAI’s success has been achieved in the midst of the Covid crisis. -19th World ongoing. The achievements of the company were made possible by the management focus and the business transformation. This success must be attributed to the company’s 1500 employees. IAI is one of the leading technology companies in Israel that is adding to and proving Israel’s ingenuity in the entire world with its strong and stable business foundation for many years to come. IAI President and CEO Boaz Levy added, “In 2020, IAI showcased innovations of wide-ranging capabilities: from advanced technological advancements to combat the Covid-19 virus to the successful launch of the Ofek 16 advanced surveillance satellite, to pioneering experiments such as the Arrow weapon system, the LORA missile, The Heron TP, and the latest attack. The systems developed by the company, the world’s most advanced radar and intelligence systems, to lead the passenger-to-freight aircraft conversion industry in the aviation world, win the Israel Defense Award and much more. In addition, the IAI’s efforts in combating the Covid-19 pandemic, in particular its ventilator production lines, are worth noting. This year we have also continued to demonstrate the proven capabilities of the company’s systems around the world, as we have repeatedly demonstrated their capabilities on the current and future battlefield. The year 2021 brings with it many challenges and innovation opportunities for IAI, mainly based on continuing to develop existing markets and penetrate new ones. Posted by Globes, Israeli Business News – en.globes.co.il – on March 18, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021