04.09.2024. Rafael Advanced Defense Systems Ltd. announced Wednesday, 28/08/24 its financial results for the second quarter (April-June) of 2024, which ended on 30/06/2024. The company reported sales totaling $1.056 billion, representing a 25% increase compared to the same period last year. The total orders for the second quarter amounted to $1.736 billion, a 65% increase compared to the corresponding period last year.
Photo: Rafael Advanced Defense Systems
The order backlog for the first half of 2024 stands at $15.717 billion, compared to $11.4 billion in the same period last year. The net profit for the first half of 2024 is $98 million.
The company’s sales in the first half of 2024 totaled approximately $2.107 billion, a 28% increase compared to the same period last year.
Considering the company’s growth and business stability, the credit rating agency S&P raised Rafael’s credit rating from A- to A with a stable outlook about a month ago, the highest rating awarded to an Israeli company.
Dr. Yuval Steinitz, Chairman of Rafael, emphasized the significance of these results:
Rafael concludes the first half of 2024 with excellent financial performance and increasing demand for our systems both in Israel and worldwide. The recent upgrade of our credit rating by S&P to the highest level granted to an Israeli company highlights our financial strength. We are witnessing increases in profit, orders, and sales, setting new records. Alongside our groundbreaking technological developments, Rafael is demonstrating consistent growth, achieving improvements of dozens and even hundreds of percent in most parameters compared to previous years. I commend Rafael’s employees and management for their relentless dedication, especially during these challenging times, as they continue to fulfill the company’s vision and play a significant role in Israel’s security.
Yoav Tourgeman, CEO of Rafael, added:
Rafael’s growth trajectory continues with outstanding financial stability and results. Our systems, spanning various domains, are essential to national security. Our employees have been fully committed over the past year to the war effort, making significant contributions to Swords of Iron War. Rafael is heavily investing in breakthrough technologies that provide a decisive advantage on the battlefield and is receiving international recognition and increasing demand. As a result, Rafael plans to add 2,200 new employees this year, bringing in the top scientists and engineers in Israel, while also strengthening infrastructure and production capacity. With 40 companies in Israel and worldwide, Rafael remains dedicated to meeting commitments to customers domestically and internationally.
Video: Rafael Advanced Defense Systems
Press release