Israel Aerospace Industries (IAI), a leader in the Israeli military and commercial homeland defence and aerospace markets, has issued its consolidated financial statements for the nine months ended September 30, 2023.
The company’s sales in the reporting period grew to about US$3,873 million compared with about US$3,601 million in the corresponding period of 2022, an increase of about 8%, deriving from increased sales in all the company’s business Groups.
IAI’s sales of the Military Groups in the reporting period increased by about 8% to about US$3,249 million compared with about US$3,006 million in the corresponding period of 2022, an increase of US$243 million. Sales of the Aviation Group in the reporting period increased to about US$1,026 million compared with about US$996 million in the corresponding period of last year.
IAI reported that sales for export in the reporting period accounted for about 72% of sales, totalling about US$2,772 million (with sales of about US$1,101 million, representing 28% of sales, to Israel), compared with about US$2,607 million (and sales of about US$994 million, representing 28% of sales, to Israel) in the corresponding period of 2022.
Gross profit in the reporting period amounted to about US$682 million (about 18% of sales), compared with about US$647 million (about 18% of sales) in the corresponding period of 2022.
The gross profit of the Military Groups in the reporting period increased by about 13%to about US$605 million compared with about US$537 million in the corresponding period of 2022. The gross profit of the Aviation Group in the reporting period increased to about US$90 million compared with about US$87 million in the corresponding period of last year.
IAI posted operating income in the reporting period of about US$292 million (about 7.5% of sales), compared with an operating income of about US$304 million in the corresponding period of 2022 (about 8.4% of sales). The decrease in operating income was a result of an increase in R&D expenses in the reporting period and a nonrecurring profit recorded in the corresponding period of 2022 following the public offering of an associate.
The operating income of the Military Groups in the reporting period was about US$272 million compared with about US$264 million in the corresponding period of last year. The operating income of the Aviation Group in the reporting period amounted to about US$32 million compared with an operating income of about US$28 million in the corresponding period of last year.
IAI reported net income in the reporting period increased by 18% to about U$239 million (about 6.2% of sales), compared with a net income of about US$202 million (about 5.6% of sales) in the corresponding period of 2022.
The net income of the Military Groups in the reporting period increased to about US$263 million, similarly to the corresponding period of last year. The net income of the Aviation Group in the reporting period amounted to about US$27 million compared with a net income of about US$41 million in the corresponding period of last year. (£1.00 = US$1.25 at time of publication).
