Israel Aerospace sales, profit jump in 2024 during war

JERUSALEM (Reuters) - State-run Israel Aerospace Industries (IAI) reported a 55% rise in profit for 2024, saying it was its best year ever and citing sales gains to both Israel's military and to foreign customers.

IAI, one of Israel's largest defence contractors, said it earned a net $493 million last year, up from $318 million in 2023. Revenue increased 15.5% to $6.1 billion.

Exports rose to $4.3 billion from $3.8 billion, although they comprised 66% of sales, down from 71% in 2023.

With Israel fighting wars on multiple fronts, sales in the Israeli market increased to $2.1 billion from $1.5 billion, with its share increasing to 34% of sales from 29%.

IAI's order backlog jumped to $25 billion from $18 billion, reflecting four years of operation at current capacity.

IAI President and CEO Boaz Levy said the significant gain in contracts was a vote of confidence in Israel's technological leadership.

"2024 was entirely managed alongside unprecedented fighting in Israel and IAI faced numerous global challenges that affected its performance," Levy said, adding the company was still able to "meet enhanced supply quotas to guarantee the satisfaction of our customers and meet our obligations."

For the fourth quarter, IAI recorded largely flat net profit of 77 million shekels, while sales rose 18% to $1.7 billion.

Its main rival, Elbit Systems, is due to issue its earnings report next week.

(Reporting by Steven Scheer; Editing by Mark Potter)