Rafael (Israel Armament Development Company) has reported good financial results for 2003. The company, which two years ago was converted from a Ministry of Defense supporting unit into a limited company, earned a $37 million profit on $830 million in sales. As of December 31, 2003, its orders backlog stood at $1.6 billion, 70% of which was for export.
The results, reported yesterday by Rafael president and CEO Giora Shalgi, were approved by chairman Jacob Toren and the Kost, Forer and Gabbay - Ernst and Young (Israel) accounting firm.
The report was an improvement on 2002, Rafael’s first year as a company, when it earned a $28 million profit on sales of $781 million, and had an orders backlog of $1.324 billion.
Rafael’s 5,000 employees make it the largest employer in northern Israel. The company last year introduced its Python 5 infrared air-to-air missile, considered the most advanced in the world, and its Lightning systems were used successfully by the US Army and Navy in the war in Iraq. Rafael also developed Reactive Armor for Bradley Fighting Vehicles, used by the US Army in Iraq, in cooperation with General Dynamics.
Rafael’s largest deal in 2003 was for the supply of Gil family Spike anti-tank missiles to the Polish Army for $250 million. Published by Globes [online] - www.globes.co.il - on March 17, 2004