Israel Aerospace Industries (IAI) has reported its most profitable period in company history – with 17% growth in net income throughout the past three fiscal quarters.
IAI reported an increase in sales in the third quarter of 2021 to approx. US$1.041 million and to approx. US$3.205 million throughout the past three fiscal quarters, which equates to growth of 17% in operating income throughout the period and 44% in Q3 to approx. US$52 million.
IAI states that there was improvement in the commercial aviation division – significant increase in cargo conversions and MRO activity.
“IAI presents another quarter of strong performance alongside record sales in the past three quarters, occurring despite the strengthening of the Israeli Shekel (NIS), which has a significant impact on a company with 80% of production in exports,” says Boaz Levy, IAI’s CEO and President. “This is the most profitable quarter in company history and we are recording a net income of US$131 million, leading to a 17% growth in net income. The significant growth in income is thanks to the company’s significant operations in Israel and abroad, together with commercial success and cooperation around the world.”
IAI continues to focus its activities on all business lines and is also taking steps to strengthen its corporate management by promoting executives both from within and outside the company. The company’s performance over the first nine months of 2021 earned it a higher credit rating in the third quarter, and Levy states “continues to contribute to enhancing its position in the capital market and readiness for an imminent IPO”.