Israel Aerospace Industries has revealed its sales in H1 2020 crossed the two billion USD threshold – the highest H1 results in the company’s history.
The company also experienced growth in operating and net income and in gross profit and EBITDA. Sales achieved an increase of 4.6% in volume totalling approximately USD 2,078 million, compared with around USD 1,986 million in H1 2019.
IAI’s chairman of the board, Harel Locker commented on the results: “The excellent business results of the first half of the year, achieved despite the difficulties posed by the global coronavirus crisis, are the outcome of IAI’s recent reinvented focus.”
“As a company whose majority of products are exported, we faced various challenges in the supply chain from the beginning of the first half of the year and already in December 2019. Despite these challenges, owing to employee mobilisation and careful executive management efforts, Israel Aerospace Industries was able to reach a historical record in financial results in the first half of 2020.”
“We will continue to lead IAI towards full realisation of its immense business and technological potential.”
IAI Aviation Group
“In this quarter, IAI marks good results despite reduced activities in the aviation group”, Nimrod Sheffer, president & CEO of IAI commented. “The increase in sales, the improvement in the business parameters of the military groups, and the continued provision of services to our customers around the world reflect the unwavering commitment of the company’s employees and managers to its success.”
“We are well aware of the serious ramifications of the global crisis on the aviation group and have prepared ourselves as an organisation to the upcoming challenges in this industry.”
As part of its MRO operations, the company announced in early August it had performed a frame fitting STA.663.75 (pickle fork) replacement for a Boeing 737-800 aircraft as part of a routine C-check for the aircraft. IAI performed an AD-mandated inspection to detect cracks in the pickle fork frame fittings and a crack was discovered on the lower section of the left pickle fork at station 663.75 during the inspection.
Due to this finding, the IAI says its team was required to remove and replace the pickle fork fittings on both sides of the aircraft for the first time, at IAI, on a Boeing 737 NG. The work was successfully accomplished in full coordination with Boeing.