Rafael Reports Record-Breaking 2024 Earnings with 64% Profit Surge

Rafael Advanced Defense Systems, Israel’s leading state-owned defense contractor, has reported its most successful financial year to date, with a 64% increase in net profit and record-breaking sales in 2024. The company announced Wednesday that it reached NIS 17.8 billion ($4.84 billion) in revenue, up 27% from the previous year.

Rafael’s Chairman, Dr. Yuval Steinitz, credited the company’s cutting-edge defense solutions for saving thousands of lives during a year marked by regional conflict. “Systems like Iron Dome, David’s Sling, and Windbreaker allowed Israel to maintain a functional war routine and created maneuvering space for the IDF,” he said.

The defense giant, headquartered in Haifa, also pushed forward the development of its revolutionary Iron Beam laser interception system, which is slated to become operational by mid-2025. This first-of-its-kind laser weapon is designed to neutralize rockets, UAVs, mortars, and cruise missiles, and will soon be integrated into Israel’s broader Iron Dome framework.

Net profit climbed to NIS 950 million ($259 million), while the company’s backlog of orders grew by 24% to a historic NIS 64.8 billion ($17.6 billion) the equivalent of 3.6 years of sales. Nearly half of Rafael’s revenue in 2024 came from international markets, driven by heightened global demand amid conflicts in Ukraine and the Middle East.

The last quarter of 2024 alone saw NIS 5.5 billion ($1.5 billion) in sales a 20% increase over Q4 2023—and secured approximately NIS 11 billion ($3 billion) in new orders. For the full year, Rafael received NIS 30.4 billion ($8.2 billion) in new contracts.

In addition to its financial success, Rafael expanded its workforce, adding 1,800 new employees in 2024, reinforcing its position as the largest employer in northern Israel. “Our growth is not only financial it’s national,” said CEO Yoav Turgeman. “We’re contributing to Israel’s economy, defense, and future.”

The company also marked a major milestone in international cooperation, inaugurating a new missile manufacturing plant in Arkansas in partnership with Raytheon, further deepening ties with the U.S. defense industry.

Rafael’s 2024 success story is a testament to Israel’s unmatched defense innovation and its vital role on the global stage.

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