Increase in sales in Q3 to approx. USD 1,041 million and to approx. USD 3,205 million throughout the past three fiscal quarters. Growth of 17% in operating income throughout the period and 44% in Q3 to approx. USD 52 million.
Growth in EBITDA of 24% in Q3 to approx. USD 109 million Improvement in the commercial aviation division – significant increase in cargo conversions and MRO activity.
Boaz Levy, IAI's CEO and President:
"IAI presents another quarter of strong performance alongside record sales in the past three quarters, occurring despite the strengthening of the Israeli Shekel (NIS), which has a significant impact on a company with 80% of production in exports. This is the most profitable quarter in company history and we are recording a net income of USD 131 million, leading to a 17% growth in net income. The significant growth in income is thanks to the company's significant operations in Israel and abroad, together with commercial success and cooperation around the world. The company continues to focus its activities on all business lines in the backdrop of the recovery in the global aviation industry.
The company is also taking steps to strengthen its corporate management by promoting executives both from within and outside the company, as the workforce recovers from the COVID-19 era. The company's performance over the first nine months of 2021 earned it a higher credit rating in the third quarter, and continues to contribute to enhancing its position in the capital market and readiness for an imminent IPO.
Among the highlights of the third quarter, IAI was selected by Israel's Ministry of Defense to develop and manufacture the "Carmel" project for the Israel Defense Forces, which emphasizes IAI's strength in the land domain. In addition, IAI was selected to provide the Estonian Defense Forces with advanced anti-ship missile systems, and to provide radars to the German Bundeswehr.
IAI also signed a cooperation agreement with SixAI to convert defense technology for the civilian market. Last week, for the first time, IAI participated in the Dubai Airshow 2021, held in the UAE. This was an historic event that illustrates IAI's capabilities and the vast potential in investing in the Gulf countries. During the exhibition, IAI signed a number of business collaboration agreements with leading commercial aviation and defense companies in the region."