Photo: Rafael Advanced Defense Systems
Rafael Advanced Defense Systems Ltd. has reported record financial results for 2024, with a 27% increase in sales, reaching $4.8 billion. The company recorded $8.23 billion in new orders and a net profit of $257 million, a 64% rise from...
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Rafael Advanced Defense Systems Ltd. has reported record financial results for 2024, with a 27% increase in sales, reaching $4.8 billion. The company recorded $8.23 billion in new orders and a net profit of $257 million, a 64% rise from the previous year. Rafael’s order backlog grew by 24% to $17.76 billion, representing 3.6 years of sales, with nearly half derived from export contracts.
The final quarter of 2024 was the company’s strongest, generating $1.48 billion in sales, compared to $1.2 billion in the same period of 2023. Orders received in the quarter totalled approximately $3 billion.
Rafael Chairman Dr. Yuval Steinitz highlighted the company's role in Israel’s security and economy, noting the impact of its defence systems during conflicts in 2024. “Rafael’s advanced systems—such as Iron Dome, David’s Sling, and Trophy—saved thousands of lives, enabled operational continuity under fire, and provided critical breathing room to manoeuvring forces,” he said. He also emphasised Rafael’s ongoing work on a laser-based air defence system and its contributions to economic recovery in northern Israel.
CEO and President Yoav Tourgeman described 2024 as a significant year for Rafael amid heightened operational demands. “Global demand surged, meeting Rafael’s operational excellence with a record order backlog,” he stated. He credited the company’s employees for their efforts and noted the recruitment of around 1,800 new staff, as well as increased investment in research and development. Rafael also expanded its presence with a new development site in Hadera, complementing its existing R&D centres across Israel.
Among its key developments, Rafael signed an agreement with the Israeli Ministry of Defence to advance the Iron Beam laser interception system. The company also reinforced its global presence, including inaugurating a production facility in the US for Tamir interceptor manufacturing in partnership with Raytheon.
Operationally, Rafael's defence systems were deployed in response to Iranian missile and UAV attacks in April and October 2024. In April, the Israeli Navy successfully used the C-Dome naval defence system for the first time to intercept threats in the Gulf of Eilat. Additionally, the Trophy active protection system was integrated onto Germany’s Leopard tank, marking its use on 16 platforms worldwide.
Rafael continued its corporate social responsibility efforts, retaining a "Platinum Plus" rating from Maala in the high-tech and defence sector. It allocated approximately 8% of its annual revenue to research and development and was awarded two Israel Defence Prizes in 2024 for its David’s Sling system and an undisclosed innovation.
With a workforce of around 10,000 direct employees and indirect support for 20,000 households through subcontractors, Rafael remains a significant employer in northern Israel. The company’s annual procurement reached approximately $1.08 billion, primarily benefiting suppliers in the region. Since becoming a government-owned business corporation, Rafael has paid over $680 million in dividends to the State of Israel.
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