The Arrow-3 manufactured by Israel Aerospace Industries. Negotiations to sell it to Germany for 3 billion euros are nearing conclusion (Photo: IDF Spokesperson)
IAI's board of directors confirmed yesterday that the company will pay the state a dividend of NIS 379.6 million and a bonus to employees of NIS 61 million. This is based on the company's 2022 earnings, when it recorded a 44% jump in net income to $213 million, and an increase in backlog to $15.6 billion.
Earlier, the company, which manufactures the Arrow system, horizon satellites, Heron drones and more, published its reports for the first quarter of 2023, which showed further improvement in its results: revenue increased 6.6% to $1.279 billion, gross profit increased 13% to $241 million, and net income rose 7% to $91 million.
The improvement in results is mainly attributed to an increase in sales of the missiles and space division, which manufactures, among other things, loitering munitions that are in demand due to the war in Ukraine. IAI is also one of the companies profiting from the depreciation of the shekel: 72% of its sales are for export in dollars and euros, and it pays salaries and payments to subcontractors in shekels.
Photographed with the check to the state (Photo: IAI)
Amir Peretz, IAI Chairman, said, "The citizens of Israel are our true owners, and we are happy to strengthen the Israeli economy by employing tens of thousands of workers, and also to decide on a dividend that we are sure will serve the state for important purposes, as happened last year when the previous Minister of Finance decided to use the dividend to reduce fuel prices for all Israeli citizens. In addition, we implement the equation that when there are successes, employees will also enjoy the fruits of success."
IAI CEO Boaz Levy said, "We are proud of the fact that the past year has once again broken records in the company's financial results, a fact that symbolizes the company's consistent strength and its longstanding strength. IAI employees deserve this reward thanks to their ongoing contribution to the benefit of the Israeli economy, the defense of the state and its citizens, and the presentation of advanced capabilities in the fields of aviation and defense to all our customers around the world."
Michal Rosenbaum, Director General of the Government Companies Authority, said, "Government companies continue to grow and shareholders continue to profit. We will continue to ensure regular dividend payments as any business company treats its shareholders."
IAI Employees Committee Chairman Yair Katz concluded: "We have just completed the distribution of an excellence bonus in respect of past profits, and today the Board of Directors approved the distribution of an additional bonus in addition to 2022, a year in which IAI recorded a very solid net profit. The bonus, which will be distributed later this year, will serve as an incentive to continue to excel and will reward taking managerial responsibility, but most of all, will determine the fact that when the company makes a profit, the employees benefit."
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