Israel Aerospace Industries (IAI), Israel's largest national military and civilian security defence company, has reported that the company's revenues in the first quarter of 2023 (Q1 2023) totalled US$1,279 million compared with US$1,200 million in Q1 2022, an increase of US$79 million arising mainly from the increase in revenues of the Systems Missiles & Space Group and the Aviation Group. The revenues of the Military Groups in Q1 2023 increased by 3% to US$1,057 million compared with US$1,030 million in Q1 2022, an increase of US$27 million. The revenues of the Aviation Group in Q1 2023 increased by 10% to US$356 million compared with US$325 million in Q1 2022 – an increase of US$31 million owing to the increased revenues in the Aircraft MRO and Business Jet divisions.
Revenues for export in Q1 2023 accounted for 72% of revenues at US$927 million (US$352 million to Israel, representing 28% of revenues) compared with US$836 million, accounting for 70% of revenues in Q1 2022 (US$364 million to Israel, representing 30% of revenues).
IAI's net income in Q1 2023 grew by 17% to US$91 million (7.1% of revenues), compared with net income of US$78 million (6.5% of revenues) in Q1 2022. The net income of the Military Groups in Q1 2023 increased by 13%to US$99 million compared with US$88 million in Q1 2022, an increase of US$11 million. The net income of the Aviation Group in Q1 2023 amounted to US$10 million compared with a net income of US$7 million in Q1 2022.
EBITDA in Q1 2023 grew by 14% to US$183 million (14.3% of revenues), compared with US$161 million (13.4% of revenues) in Q1 2022.
IAI's gross profit in Q1 2023 amounted to US$241 million (19% of revenues) compared with US$213 million (18% of revenues) in Q1 2022. The gross profit of the Military Group in Q1 2023 increased by 25%to US$212 million compared with US$170 million in Q1 2022. The gross profit of the Aviation Group in Q1 2023 amounted to US$31 million compared with US$24 million in Q1 2022.
IAI's President and CEO, Boaz Levy:
“Israel Aerospace Industries continues to lead Israel's defence and aviation sectors while strengthening its position as a leading international technological concern in many different fields. The range of the many new business deals signed by the company both in Israel and around the world, alongside the ongoing efforts it invests in innovative initiatives, development and other advancements – all find expression in the financial results that IAI is pleased to present for the first quarter of 2023 and those for the previous year.” (£1.00 = US$1.25 at time of publication).
