Israel Aerospace Industries (IAI) had its most profitable half-year term in the company’s history in 2023, according to an IAI statement published on Wednesday.
The company boasted a 28% increase in net income in the first half of 2023 compared to the same time frame in 2022.
Gross profit increased by $29 million in 2023 compared to the first half of 2022, and S&P Global Ratings raised its rating to AAA, the highest ranking, indicating its strength as an investment opportunity.
“Israel Aerospace Industries again presents financial results reflecting both defense-related and technological excellence, thanks to the Company’s men and women engineers and managers,” said Amir Peretz, Chairman of IAI’s Board of Directors. “The Company’s published figures, this time too, tell a story of people, a story of which the State of Israel can be justly proud. Yet together with our successes, we face challenges too, around the world.”
“Geopolitical situations generate opportunities in which more and more countries recognize our capabilities,” Peretz continued. “And we are happy to report that the world has responded by raising our credit rating to AAA, a reflection of the confidence shown in the Company’s financial stability, which improves our ability to raise funds.”
Recent IAI projects around the world
Israel Aerospace Industries launched the DS-SAR satellite in late July, which successfully entered orbit and now enables 24/7 all-weather coverage.
Launched using a PSLV C56 launcher from India, the satellite carries a Synthetic Aperture Radar payload and is based on IAI’s success with the Ofek and TECSAR satellites.
There are customers in Singapore, DSTA, ST Engineering, and others who will receive data from the satellite.
India’s Space Research Organization said that ST Engineering will use it for multi-modal and higher responsiveness imagery, and geospatial services, for their commercial customers.
Yonah Jeremy Bob contributed to this report.