Israel Aerospace Industries’ gross profit, operating and net income reached a record high, according to consolidated financial statements issued by the company for the first half and second quarter that ended June 30.
The company’s sales stand at US$2.54 billion while the order backlog amounts to about US$ 16.4 billion. The S&P Maalot agency has raised the company’s credit rating to the maximum rating of ilAAA, and its international rating to BBB+.
The sales of the company’s military groups in H1 2023 increased by about 7% to about US$ 2,136 million compared with about US$ 1,989 million in H1 2022, an increase of about US$ 147 million. The sales of the Aviation Group in H1 2023 increased to about US$ 675 million compared with about US$ 645 million in the corresponding period of last year.
Sales for export in H1 2023 accounted for about 73% of sales, totaling about US$ 1,850 million (about US$ 690 million, representing 27% of sales, to Israel), compared with about 71%, totaling US$ 1,684 million (about US$ 675 million, representing 29% of sales, to Israel) in the corresponding half of 2022.
IAI recorded a 28% increase in net income in H1 2023, of about US$ 165 million compared to about US$ 129 million in H1 2022. This is the most profitable half year in the company’s history. There was an increase of about 45% in net income, to about US$ 74 million in Q2 this year, compared with about US$ 51 million in Q2 2022.
There was a 6% growth in EBITDA in H1 2023 to about US$ 329 million compared to about US$ 310 million in the corresponding period of last year. EBITDA in Q2 2023 amounted to about US$ 146 million (about 12% of sales) compared to about US$ 149 million (about 13% of sales) in Q2 2022.
Operating income grew in H1 2023 to about US$ 205 million (about 8% of sales) compared with operating income of about US$ 204 million (about 9% of sales) in the corresponding period of last year. Operating income in Q2 2023 amounted to about USD 88 million (about 7% of sales) compared with operating income of about US$ 98 million (about 8.5% of sales) in Q2 2022.
Gross profit increased in H1 2023 to about US$ 456 million (about 18% of sales) compared with about US$ 427 million (about 18% of sales) in the corresponding period of last year. Increase in gross profit in Q2 2023 amounted to about US$ 215 million (about 17% of sales) compared with about US$ 214 million (about 18% of sales) in Q2 2022.
There was an 8% increase in sales to about US$ 2,540 million in H1 2023, compared with about US$ 2,359 million in the corresponding period of 2022. The increase of about 9% in sales in Q2 2023 amounted to US$ 1,261 million compared with about US$ 1,159 million in Q2 2022.
“The company’s published figures, this time too, tell a story of people, a story of which the State of Israel can be justly proud,” said Amir Peretz, Chairman of the Board of Directors of IAI. “Yet together with our successes, we face challenges too, around the world. Geopolitical situations generate opportunities in which more and more countries recognize our capabilities, and we are happy to report that the world has responded by raising our credit rating to AAA, a reflection of the confidence shown in the Company’s financial stability, which improves our ability to raise funds.”
“In addition to satellite launches, impressive tests conducted both in Israel and elsewhere, and the fruitful activities of Israel’s Ministry of Defense, both as customer and owner, but mainly as a partner, Israel Aerospace Industries has taken Israel forward in terms of its economy, its defense, and its technologies,” said Boaz Levy, IAI’s CEO. “The Company’s continued strategic growth found expression in the first half of the year through the procurement of several critical companies around the world. These and other activities are all reflected in the confidence shown in IAI, and its recent highest-ever award of an AAA credit rating.”
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