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Israel Aerospace Industries Order Book at $10 Billion
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by Joshua Levitt
Israel Aerospace Industries booth at a defense trade show. Photo: IAI.
Israel’s primary aerospace and aviation manufacturer, Israel Aerospace Industries Ltd., on Thursday said its order book stood at $10 billion, a record, with $3 billion expected to be completed in 2014, and 85% of the new business from exports, according to Israel’s Globes business daily.
IAI said full year revenue for 2013 rose 9% to $3.64 billion from $3.34 billion in 2012, while net profit rose slightly to $75 million from $74 million, as cash flow from operations rose to $551 million in 2013 from $274 million in 2012.
The company said all of its military and commercial divisions reported higher revenue in 2013, except for Bedek Aviation, which only manages aircraft conversions and overhauls. Military sales accounted for 73% of total revenue in 2013.
R&D expenses rose 15% to $180 million in 2013 from $156 million in 2012.
In a statement, CEO Joseph Weiss said: “We keep working on expanding and establishing our presence and activities in target markets, especially in Southeast Asia and in South America, with particular emphasis on all matters relating to acquisitions and global cooperation.”
“At the beginning of 2014, we conducted another successful test in the Arrow 3 system. During 2013 we successfully launched the Amos 4 satellite, and pursued the development of Amos 6 and of several observation satellites,” Weiss said. “IAI also continues to be at the forefront of Israel’s multi-layered defense systems, with its leadership in radar systems which are part of the Arrow 2 and Arrow 3, David’s Sling, and Iron Dome.”
Israel Aerospace Industries was founded in 1953 as Bedek Aviation Company under the initiative of Israeli President Shimon Peres, then Israel’s Director General of the Ministry of Defense, in order to maintain Israel Defense Forces aircraft, according to a profile in Defense News.
