Israel Aerospace Industries (IAI) has reported a net income of $31m in the third quarter of 2021, marking a 3.2% increase from $30m during the same period in 2020.

Its net income grew 17% in nine months to around $131m, compared to its net income of $112m in the corresponding period of last year.

The company stated that this was the most profitable nine-month period in its history.

IAI’s sales totaled $3.205bn during the first nine months of 2021, which is a 3.9% increase on their sales of $3.084bn from the same time last year. The company attributes this growth to increased sales in the Military Aircraft Group and the Aviation Group. However, this was partially offset by a decrease in sales in the ELTA Group.

During the third quarter of 2021, the company’s sales rose to $1.04m, up from $1.006m from the same period in 2020.

EBITDA in the recording period increased by 24% to $109m while in-house research and development expenses were around $42m, compared to last year’s $46m.

IAI president and CEO Boaz Levy said: “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. The company continues to focus its activities on all business lines in the backdrop of the recovery in the global aviation industry.”-

“The company’s performance over the first nine months of 2021 earned it a higher credit rating in the third quarter and continues to contribute to enhancing its position in the capital market and readiness for an imminent IPO.”

The third quarter saw IAI chosen for the development and manufacturing of the Carmel vehicle project for the Israel Defense Forces. It was also chosen to provide advanced anti-ship missile systems to the Estonian Defense Forces and radars to the German Bundeswehr.

Last week, IAI took part in the Dubai Airshow 2021, where it signed several business collaboration agreements with commercial aviation and defence companies.

Meanwhile, the state-owned defence and aerospace entity announced its plans to open an office in the UAE in the coming weeks.