Rafael Advanced Defense Systems Ltd. has announced its financial results for the year 2024, marking significant growth in key areas. The company reported sales totaling $4.8 billion, a 27% increase from $3.8 billion in 2023. Approximately half of the total sales were generated from international customers, reflecting Rafael’s expanding global footprint.
The company also reported an unprecedented order backlog of $17.76 billion, a 24% increase from the $14.37 billion in 2023. This backlog represents 3.6 years of sales, with nearly half of it derived from export contracts, showcasing the company’s strong international demand. Rafael posted a net profit of $257 million, reflecting a remarkable 64% increase compared to the previous year.
In terms of new orders, Rafael secured $8.23 billion in 2024, slightly surpassing the $8.1 billion in new orders received in 2023 and marking a significant jump from $4.34 billion in 2022. This steady growth in orders highlights the company’s ability to attract new business and strengthen its position in the global defense market.
Quarter 4 of 2024 proved to be Rafael’s strongest quarter, with quarterly sales reaching $1.48 billion, compared to $1.2 billion in Q4 2023. Additionally, the company received approximately $3 billion in new orders during this period, further solidifying its position for future growth.
Dr. Yuval Steinitz, Chairman of Board of Directors, Rafael, said:”Rafael concludes another year of outstanding achievements—demonstrating once again the company’s vital contribution to Israel’s security and its significant impact on the national economy. The attacks from Iran on April 14 and October 1, alongside the broader Iron Swords War, will be marked in the history of Rafael, the IDF, and military conflict more broadly. 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 maneuvering forces. This year, we also continued development of Rafael’s laser-based air defense system—the only one of its kind globally. Rafael’s local procurement remains a key driver of growth for Israel’s economy, especially in the north, and its continued expansion is creating real opportunities for regional recovery. On behalf of the Board, I extend my deepest appreciation to the company’s leadership, employees, and their families for their dedication and professionalism.”
Yoav Tourgeman, CEO and President of Rafael, added:”2024 was a historic year for Rafael—set against the backdrop of Israel’s longest and most complex multi-front war. As a cornerstone of Israel’s national defense, Rafael played a decisive role across offense, intelligence, and protection. Global demand surged, meeting Rafael’s operational excellence with a record order backlog. Thanks to the exceptional commitment of our employees, who rose to the occasion during a challenging time, we ended the year with record figures and over 27% growth. As part of this momentum, we recruited approximately 1,800 new employees—outstanding professionals who will help shape the next generation of advanced defense systems. We also increased R&D investment and expanded our development footprint by opening a new branch in Hadera, alongside our existing R&D centers in northern Israel, Be’er Sheva, Jerusalem, and Tel Aviv.”
