IAI reports record revenue in 2020, profit jumps 48%
Israel Aerospace Industries Ltd. (IAI) reported record revenue of $4.184 billion in 2020, up slightly from $4.108 billion in 2019. Fourth quarter revenue was $1.1 billion, up from $1.092 billion in the corresponding quarter of 2019. Net profit in 2020 was $133 million up 48% from $90 million in 2019. Fourth quarter net profit was $21 million, up from $8 million in the corresponding quarter of 2019, Trend reports with reference to Globes.
IAI had an order backlog of $12.6 billion, at the end of 2020, representing 3.13 years of operation, down from a backlog of $13.5 billion at the end of 2019.
The company has free cash flow totaling $1.3 billion
IAI chairman Harel Locker said, "IAI has completed a 180-degree transformation in recent years. In 2019 we saw unchartered achievements and 2020 was the highlight point for the company's business, operations and financial success since its establishment in 1953. IAI’s success is achieved in the midst of the ongoing global Covid-19 crisis. The company's achievements were made possible owing to managerial focus and business transformation. This success must be credited to the company's 1,500 employees. IAI is one of Israel's leading tech companies adding to and demonstrating Israel's prowess to the whole world with its solid and stable business foundation for many years to come." IAI president & CEO Boaz Levy added, "In 2020, IAI showcased breakthrough innovation and broad capabilities: from advanced technological developments for combatting the Covid-19 virus to the successful launch of Ofek 16 advanced observation satellite, to groundbreaking experiments such as the Arrow weapon system, the LORA missile, the Heron TP, state-of-the-art assault systems developed by the company, the world's most advanced radar and intelligence systems, to leading the passenger-to-cargo aircraft conversion industry in the aviation world, winning the Israel Defense Prize and more. In addition, it is worth noting IAI’s efforts in fighting the Covid-19 pandemic, in particular orchestrating ventilator production lines. This year we also continued to demonstrate the proven capabilities of the company's systems worldwide, proving over and over their capabilities on the present and future battlefield. The year 2021 brings with it numerous challenges and innovation opportunities for IAI, based especially on continuing to develop current markets and penetrating new markets."