Rafael Advanced Defense Systems Ltd. published its financial results for the third quarter of 2024 (July-September), showcasing impressive growth across key financial indicators. Sales for the quarter amounted to 4.535 billion NIS, reflecting a 36% increase compared to the same period last year. The order backlog reached a record high, crossing the 60 billion NIS mark for the first time in history. Net profit since the beginning of 2024 stands at more than half a billion NIS3.
The order volume for the first nine months of 2024 stands at 19,442 million NIS, an increase of 27% compared to the same period last year. The order backlog crossed the 60 billion NIS mark for the first time in history and stands at about 60.08 billion NIS compared to 43.57 billion NIS in the same period last year. In the period from January to September 2024, the backlog increased by about 7.6 billion NIS compared to the end of 2023. The net profit for the first three quarters of 2024 stands at 553 million NIS compared to 119 million NIS in the same period last year5.
The company’s sales in the first three quarters of 2024 amounted to about 12,368 million NIS, compared to about 9,449 million NIS in the same period last year, an increase of about 31%6.
Rafael’s Chairman, Dr. Yuval Steinitz: “Amazing results. Especially in light of the intensification of the war in the north and the massive shooting at the western Galilee where Rafael’s facilities operate. Rafael’s systems have proven themselves operationally in battle, and Israel’s technological superiority is reflected in the war in 7 different arenas simultaneously. The company’s financial strength, as reflected in the excellent financial reports, includes a significant increase in profit, orders, and sales, reaching new heights. About a month ago, we received an order from the Ministry of Defense to expand the deployment of the ‘Iron Beam’ system, which will be deployed in about a year and will significantly change Israel’s defense concept. Rafael’s employees work with determination and dedication to ensure the security of Israel’s citizens in projects that repeatedly prove how to turn the impossible into possible. On my behalf and on behalf of the board of directors, I congratulate that these achievements are also reflected in the company’s financial results”.
Rafael’s CEO, Yoav Tourgeman, added: “We conclude another quarter in which, despite Operation ‘Northern Arrows’ and its effects on the area where Rafael operates, the company continues its growth trend and presents excellent financial data and financial stability alongside intensive work in developing and producing the most advanced combat systems in the world. These systems have contributed and continue to contribute significantly in the ‘Iron Swords’ war, both in defense, with ‘Iron Dome’, ‘David’s Sling’, and ‘Trophy’, and in attack and intelligence gathering capabilities”8.
Rafael presents an increase of about 31% in the company’s sales this year, and the order backlog crossed the 60 billion NIS mark for the first time, thanks to several significant contracts from major customers worldwide and the defense establishment.
The ‘Iron Swords’ war has entered its second year, and Rafael’s employees are still all mobilized for the war effort to continue providing the defense establishment with a decisive technological advantage10.
As a result of the continued increase in demand and activity and to meet our commitments to our customers, we have recruited about 1,800 new employees since the beginning of the year. In the coming months, we will continue to recruit hundreds of additional employees, some of the best minds, who will help us continue developing breakthrough technologies that give defense systems a significant advantage on the battlefield.
