Israel’s Elbit Systems has posted a 13% year-on-year (YoY) increase in annual revenue in 2021, capitalising on a sustained demand for its products and services.

In the year that ended on 31 December 2021, the company’s revenues totalled $5.28bn. The figure was $4.67bn in 2020.

The company’s Airborne systems and C4ISR systems businesses primarily contributed to the increase in revenues.

Elbit Systems recorded an increase in sales of airborne precision guided munitions in the Asia-Pacific region while revenues generated by the C4ISR systems grew, following the addition of the Sparton business.

GAAP gross profit in 2021 was $1.36bn, compared to $1.17bn in 2020.

The company’s GAAP operating income also increased from $325.7m in 2020, to $418.5m in 2021.

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GAAP net income attributable to the company’s shareholders was $274.4m in 2021, up from $237.7m recorded in 2020.

The backlog of orders totalled $13.66bn, as of 31 December 2021.

The Israeli firm also released the financial results for the fourth quarter of 2021.

In the three-month period to 31 December 2021, the company’s revenues were $1.49bn. The figure represents an 8.7% increase from the $1.37bn recorded in the same period a year ago.

Elbit Systems president and CEO Bezhalel (Butzi) Machlis said: “2021 was a solid year for Elbit Systems, and the financial results indicate the sustained demand for our products and systems from customers around the world.

“Revenues increased by 13% year over year to $5.3bn, and a record backlog of $13.7bn provides us with good visibility.

“Elbit Systems’ 2021 results are an outcome of the significant investments we have made in recent years to develop leading technological capabilities and expand our positions in key global defence markets, to sustain through cycle growth.”

Headquartered in Israel, Elbit Systems is a technology company associated with an array of defence, homeland security, and commercial programmes.

The company recently secured a contract to deliver ammunition for the Swedish Armed Forces’ Leopard main battle tanks (MBTs).