Defence News: Israel’s leading missile manufacturer Rafael Advanced Defense Systems Ltd achieved the sale of $2.7 billion (9.7 billion Shekels) in 2019, an increase of 3.9% over the corresponding period of 2018, according to the financial results released by the company on Thursday.
According to the financial data released by Rafael on March 26, the company’s order totalled to $2.8 billion (10 billion Shekels) with export orders, including a backlog order, of $7.2 billion (24.8 billion Shekels).
“As Rafael concludes the 2019 fiscal year, in addition to its significant contribution to developing and providing defense technologies, it is also engaged in the effort to find solutions for the COVID-19 and against its spread,” said Yoav Har-Even, President and CEO of Rafael Advanced Defense Systems Limited.
“We are certain that the company’s financial robustness will ensure its ability to face the coming uncertainties and challenges,” he said.
Yoav Har-Even said the company was adhering to all the instructions of Israel’s health ministry to contain the spread of coronavirus outbreak while executing its orders.
“These days, thanks to adequate preparation, we are able to carry out our work, while adhering to the Ministry of Health’s directives, and to maintain our commitments, with the relentless hard work of our outstanding men and women who consider this effort their mission,” Yoav Har-Even said.
Rafael also paid a dividend of some 500 million Shekels to the Israeli government last year.
The company said it continued to press ahead with extensive marketing and business activities in Israel and around the world last year, which also included the acquisition of UAV manufacturer Aeronautics and other companies.
The reason behind the strong financials is that in the past year, RAFAEL made a number of other significant achievements including the sale of two Iron Dome batteries to the US Army, and an on-time delivery of the US Army’s first TROPHY Active Protection Systems.
In addition to the supply of Iron Dome to the US Army, Rafael received an urgent order from India for the supply of SPIKE missile systems and a major order for Spike from Germany while expanding its Spike user-base to 34 countries in the world last year.
Rafael also signed several joint ventures (JVs) and posted an increase in the number of users of its Litening Pod.
Domestically, Rafael won a strategic contract for a multi-domain project with the Israel’s ministry of defence and was also awarded the Israel Defense Prize for its SPICE 1000 air-to-surface system.
Rafael said it continued to invest in its human resource last year and recruited over 800 new employees primarily in technological fields.
“Our human resource is the engine that propels us to achieve our mission and our vision to find new solutions while dealing with the newly-imposed reality,” said Dr Uzi Landau, Chairman of Rafael.
The Israeli defence manufacturer said that a sum equal to 9% of its sales was channelised to the research and development activities of defence and civilian technologies, which also entailed cooperation with academic institutions in Israel and around the world.
Dr. Uzi Landau said the dedication of men and women and the commitment of the management towards them were the secret behind the company’s strength and its ability to cope up with the impact of the Covid-19.