#MIC / The 2023 financial reports revealed a record-breaking year for Israel's state-owned aerospace and defense giants like Israel Aerospace Industries (IAI), Elbit Systems, and Rafael Advanced Defense Systems. Their success was fueled by surging global demand for military equipment amid the wars in Ukraine and Gaza.
IAI announced its highest-ever annual sales of $5.3 billion, a 7% increase from 2022, with net profits soaring 49% to $318 million. Its order backlog swelled to $18 billion thanks to the conflicts.
According to the Swedish #SIPRI institute's report on the world's 100 largest arms companies, #Elbit ranked 24th, #IAI 35th, and #Rafael 42nd in 2022 sales - not yet reflecting the full impact of the Gaza war revenues.
https://www.sipri.org/visualizations/2023/sipri-top-100-arms-producing-and-military-services-companies-world-2022
The report highlights how the aerospace giants, including former Labor party leader Amir Peretz who chairs IAI with a $125,000 monthly salary, have profited immensely from the surge in global arms trading driven by the region's wars.
Israel's well-established defense exporters capitalized on heightened military spending, solidifying their positions among the world's largest weapons manufacturers dominated by U.S. corporations like Lockheed Martin and Raytheon.
https://www.israeldefense.co.il/en/node/61505
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