IAI: Net profit rose by 11% To $ 148 million and sales by 7% to $ 4.48 billion

The aerospace industry posted record profits in 2021, thanks to sales of its military divisions, and continued losses by the aviation division. Under the management of Boaz Levy, the CEO whose defense minister Bnei Gantz refused for more than a year to approve his appointment, and in the year in which the company operated largely without a permanent chairman until the appointment of Amir Peretz, IAI increased its net profit by 11% To $ 148 million, and sales 7% to $ 4.48 billion, its highest ever.Orders increased 6.4% to $ 13.4 billion.
Most of the improvement in results is due, as mentioned, to the operations of the military divisions, whose sales increased by 10% to $ 3.8 billion, while the aviation division, which mainly deals with aircraft maintenance, conversion of passenger aircraft to cargo and production of the Gulfstream G280 executive aircraft, recorded a single percent increase in recovery. Of corona effects, to $ 1.1 billion.
The aviation division's net loss amounted to about $ 27 million, a slight decrease compared to a loss of about $ 32 million in the same period last year. The share of production in the company's sales increased slightly, from 71 to 72 percent.
"It was a great year for the aerospace industry. Beyond the increase in sales and profitability, the jump in new contracts this year stood out, from $ 3.6 billion last year to $ 5.2 billion this year, half of them in the last quarter," said Boaz Levy.
Amir Peretz, Chairman of IAI, stated that "Despite the positive results, we have a long way to go and we will strive to reach results that will put us in line with the profit results of other defense companies in Israel and around the world." Waiting on the deputy table for the ombudsman and his signature. "Until that happens, we will be prepared so that as soon as we receive the approval we can set out and carry it out as quickly as possible, while ensuring the interests of the aerospace industry, building long-term industrial quiet and increasing the scope of research and development."