IAI reported a 23.5% jump in net income in Q1 2021. In picture, IAI Harop UAV at Paris Air Show 2013. Credit: Julian Herzog.

Military and civilian security defence company Israel Aerospace Industries (IAI) has reported 23.5%  net income growth in the first quarter of this year.

The figure jumped from $34m to $42m on a year-on-year basis.

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The Military Groups recorded a nearly 39% increase in net income to $68m while the Aviation Group reported a net loss of around $8m.

The company’s operating income recorded 10% growth, increasing from $61m in Q1 2020 to $67m in Q1 2021. The increase was attributed to a decrease in general, administrative, selling, marketing and employee retirement expenses.

Gross profit was nearly $166m, declining from $170m registered in the first three months of 2020.

IAI’s sales in the first quarter of this year amounted to $1.015bn.

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The figure marginally dropped from $1.018bn in the prior year’s quarter due to a decline in sales of Aviation Group and Military Aircraft Group. However, Military Groups sales soared by 12% on a year-on-year basis to $914m in the same period.

EBITDA totalled $120m in Q1 2021, an increase of 17.6% compared to $102m in the corresponding period a year ago.

The company’s order backlog amounted to $12.2bn at the end of the first quarter of 2021.

IAI president and CEO Boaz Levy said: “IAI continues to record excellent results in the first quarter of 2021. The increase in operating performance ratios alongside the increase in bottom-line profit in the current quarter reinforces the strategic growth process the company has undergone in recent years.

“The company was recently ranked third place in the list of best companies to work for in the Israeli market and is currently in the midst of recruiting talented engineers with hundreds of positions available, another testament to the company’s growth and business expansion worldwide and in Israel.”

In April, IAI completed a set of test flights of BARAK extended range (ER) 150km range interceptor.

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