Rafael presents sales surge in 2023 by 21% to reach NIS 14.043 billion

Rafael, a leading defense technology company, has released its financial results for 2023, showcasing impressive growth across key metrics. The company's sales surged by 21% to reach NIS 14.043 billion, compared to NIS 11.586 billion in 2022, marking a significant uptick in revenue.

One of the most striking indicators of Rafael's success is the substantial increase in orders received, soaring by 85% to NIS 29.864 billion in 2023, compared to NIS 16.104 billion in the previous year. This surge has led to an unprecedented backlog of orders totaling NIS 52.416 billion, representing a remarkable 47% increase from 2022 levels, equivalent to approximately 3.6 years of sales.

The company's net profit also witnessed a notable uptick, rising by 17% to NIS 588 million, while gross profit increased by 19% to NIS 2.928 billion, compared to the previous year.

Dr. Yuval Steinitz, Chairman of Rafael, expressed his satisfaction with the company's performance, highlighting 2023 as a pinnacle year for professional and business activity. He emphasized Rafael's commitment to bolstering Israel's security infrastructure, which has been realized through groundbreaking technological advancements.

Dr. Steinitz further acknowledged Rafael's success in securing significant deals globally, including the historic sale of the "David Slingshot" to Finland and the Spike missile deal with Greece. He extended gratitude to outgoing CEO Maj. Gen. Yoav Har Even for his leadership over the past eight years and commended Rafael's dedicated employees for their unwavering professionalism.

The fourth quarter of 2023 proved to be particularly lucrative for Rafael, with new orders amounting to NIS 14.514 billion, driven by a surge in international demand following major export deals. Sales in the fourth quarter reached NIS 4.594 billion, marking a 19% increase compared to the same period in the previous year.

As Rafael looks ahead to 2024, it anticipates continued growth and further contributions to Israel's defense capabilities, building upon its strong foundation of success in 2023.