Israel Aerospace Industries' (IAI) sales in H1 2021 grew to approx. US$2,164 million compared with approx. US$2,078 million in the first half of 2020, an increase of 4.1%. The growth is primarily due to the increased sales in the Systems Missiles & Space Group, partly offset by reduced sales in the Aviation Group.
The Military Groups' sales in H1 2021 increased by approx. 10.6% to approx. US$1,887 million compared with approx. US$1,706 million in H1 2020, an increase of approx. US$181 million. The Aviation Group's sales in H1 2021 decreased to approx. US$566 million compared with approx. US$612 million in the first half of last year. The company's sales in Q2 2021 grew, amounting to approx. US$1,149 million compared with approx. US$1,060 million in Q2 2020, an increase of 8.4%.
The increase is primarily due to increased sales in the Systems Missiles & Space Group and in the Aviation Group, partly offset by a decrease in sales in the ELTA Group. The Military Groups' sales in Q2 2021 increased by approx. 9.3% to approx. US$973 million compared with approx. US$890 million in the second quarter of 2020. The Aviation Group's sales in Q2 2021 increased by approx. 13.8% to approx. US$329 million compared with approx. US$289 million in the second quarter of 2020.
Export sales in H1 2021 accounted for 72% of total sales, like H1 2020, totaling approx. US$1,562 million (approx. US$602 million, representing 28% of sales, to Israel), compared with approx. US$1,497 million (approx. US$581 million, representing 28% of sales, to Israel) in the first half of 2020. Export sales in Q2 2021 accounted for 73% of total sales totaling approx. US$840 million (approx. US$309 million, representing 27% of sales, to Israel), compared with 73% in the second quarter of 2020, totaling approx. US$773 million (approx. US$287 million, representing 27% of sales, to Israel).
Net income in H1 2021 increased by 22% to approx. US$100 million (approx. 4.6% of sales), compared with net income of approx. US$82 million (approx. 3.9% of sales) in the first half 2020 – the most profitable fiscal six-month period in company history. Net income in Q2 2021 amounted to approx. US$58 million (approx. 5% of sales), compared with net income of approx. US$48 million (approx. 4.5% of sales) in the second quarter of 2020, representing the largest second-quarter net income ever recorded by IAI.
