Rafael said that it strengthened its core businesses, provided customers with innovative systems solutions, and strengthened Rafael Development Corporation Ltd. (RDC), the company's joint venture with Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) for developing civilian applications of Rafael's military technologies.
Rafael president and CEO Yedidia Yaari said, 'The structural-organizational process undergone by Rafael enables the company to continue offering its customers in Israel and worldwide a wide range of high-tech capabilities and products thanks to heavy investment in R&D.
'I expect further improvement in the company's business results following the entry into new fields, mergers, acquisitions, and international collaborations', he stated.
Rafael Advanced Defense Systems Ltd. announced that it posted a net profit of $34 million in 2007, 26% more than the $27 million posted in 2006. Revenue rose to $1.3 billion in 2007 from $1 billion in 2006, and orders placed rose 16% to $1.4 billion from $1.2 billion. Orders backlog rose to $2.1 billion at the end of 2007 from $2 billion a year earlier.
65% of Rafael's orders are for export, which means that the shekel's appreciation against other currencies is affecting the company's financial results.