Israeli defense firms beat world average in revenue growth

1 week ago 45

ARTICLE AD BOX

The three Israeli defense firms in the SIPRI top 100 reported higher than average growth but did not all climb in the global rankings.

Total revenue of the world's 100 largest defense companies rose by 4.2% in 1023 from the previous year. The list includes Israel's three biggest defense companies - Israel Aerospace Industries (IAI), Elbit Systems (TASE: ELST; Nasdaq: ELST), and Rafael Advanced Defense Systems - who due to the war which broke out last year saw combined revenue rise 15% last year to $13.6 billion.

These figures have been reported by the Stockholm International Peace Research Institute (SIPRI), which ranked Israeli defense companies fourth in 2023 in terms of the rate of growth, after Russia (40%), South Korea (39%), and Japan (35%).

On the other hand, French defense companies saw revenue decline 8.5% in 2023 compared with the previous year. This may explain why French President Emmanuel Macron, has worked so hard to keep Israeli defense companies away from the prestigious defense exhibitions in his country.

In 2023, Elbit Systems reported revenue of $5.38 billion, up 14% from 2022, although its ranking by SIPRI in the top 100 fell from 24th to 27th. Israel Aerospace Industries revenue grew 15.4% in 2023 to $4.49 billion from $3.89 billion in 2022, and it rose from 37th to 34th in the rankings. Rafael, with revenue of $3.73 billion in 2023, up 16% from 2022, rose in the rankings from 44th to 42nd.

Published by Globes, Israel business news - en.globes.co.il - on December 15, 2024

Tali Bogdanovsky