Elbit: Record results with an increase in profit - $ 237.7 million, an increase of 4.3%

Elbit passed the corona year with record results, with an increase in profits and the backlog of orders, which reached a peak of $ 11 billion, an increase of 10% compared to last year. Bezalel (Muddy) CEO Machlis said: "Hopefully we will see political stability in the country, which will allow the approval of a multi-year plan for the IDF, and for the Ministry of Defense to pay all its debts to Elbit."
Elbit's revenues rose 4.7% to $ 4.66 billion. Net income was $ 237.7 million, an increase of 4.3% over the same period last year, and stands at 5.1% of revenue.
Elbit has already reported the write-off of $ 60 million this year due to the decline in the value of its civil aviation business, amid the crisis created by Corona in the field. The company recorded an 8.4% increase in research and development expenses to $ 359.7 million, and its marketing and sales expenses fell 3.4% to $ 290.77 million, amid a halt to most of its people's overseas flights and the cancellation of major security exhibitions.
The company paid $ 36.4 million in taxes in Israel and abroad, an increase of 90% over last year.
Cash flow amounted to $ 278.8 million, compared to $ 53.3 million last year, thanks to the collection of payments from customers in Israel and partial payments from the Ministry of Defense.
"The results show the resilience of the company, and a relevant portfolio," says Machlis. “We have strengthened our relationships with the major manufacturers overseas, and have reached our largest order backlog of all time. We have significant potential in the Gulf states, which use Western platforms that we are integrated into and hope to see achievements there. There is an increase in defense budgets in the world, in Europe and Asia, and in the United States is not expected to decline, given the growing tensions in the world, and the desire of governments to create long-term jobs, which the defense industries know how to preserve. Direct workers in Israel, an increase of hundreds of workers during the corona year. "