August 18, 2021
from Charles Forrester
Israel Aerospace Industries (IAI) announced its financial results for the second quarter (Q2) and first half of 2021 on Aug. 17, with both sales and profits climbing to record levels for the company.
Revenue increased to $ 1.15 billion in the second quarter of 2021 compared to $ 1.06 billion in the second quarter of 2020. Total revenue increased 4.1% to $ 2.16 billion in the first half compared to 2, $ 08 billion in first half of 2020 Revenue increase was largely attributed to increases in the Systems, Missiles, and Space Group, which helped offset reductions in the Aviation group.
The company’s gross income rose 13.5% to $ 185 million in the second quarter, compared to $ 163 million in the second quarter of 2020. Income for the first half was also $ 351 million, compared to $ 333 million US dollars for the first half of 2020. The company’s Military Group posted a gross profit increase of 7.5% for the first half to $ 314 million from $ 292 million, with the company’s Aviation Group posting gross profit of $ 30 million for the period.
IAI reported record results in the second quarter of 2021 as the company prepares for an IPO later this year. (IAI)
Total backlog at the end of June 2021, according to the company, was $ 12.4 billion, a slight decrease from $ 12.6 billion at the end of 2020. Of that backlog, 79% is exported to customers on a “geographical” basis.
The company is also preparing for an initial public offering (IPO), which is expected to start by the end of the year. The IPO is for a minority stake and is expected to encompass 25% of the company, but possibly with the power to expand up to 49% from state regulators.
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Israel Aerospace Industries (IAI) announced the financial results for the second quarter (Q2) and the first half of the year …