Israel’s Elbit Systems sees Q2 revenues rise by 12% amid Gaza war sales
Around 27% of the company sales came from Israel compared to 17% last year, as military equipment demand increases for the war efforts in Gaza.
BRISTOL, UK — Israeli defense firm Elbit Systems has reported a rise in profits for the second quarter of the year as revenue benefited from sales to international customers and Israel’s military to fight Hamas militants in Gaza.
Elbit, one of Israel’s largest military contractors, announced its results Wednesday. It posted revenues of $1.63 billion for the quarter, a rise from $1.45 billion from the same period in 2023. The increase represented a 12% increase in year-on-year revenues.
Around 27% of the sales came from Israel, compared to 17% last year, as military equipment demand increases for the war efforts in Gaza. At 29%, Europe was Elbit's largest market, with North America accounting for 23% of sales and the Asia-Pacific region 15%, according to Reuters.
According to Elbit, the firm’s aerospace revenues were close to the same as those in the second quarter of 2023.
C4I systems, which provides militaries with situational awareness and information about the location of enemy forces, and cyber revenues increased by 11% in the second quarter of 2024, compared to the second quarter of 2023, mainly due to radio systems sales.
The company added that ISTAR and EW revenues increased by 9%, mainly due to electronic warfare and electro-optics systems sales in Israel and the Asia-Pacific region.
Elbit said land revenues increased by 37% due to increased ammunition and munition sales in Israel.
Meanwhile, Elbit Systems of America revenues increased by 11% due to more maritime and warfighter systems sales.
Activists prosecuted
On Tuesday, seven pro-Palestinian activists in the UK appeared at Westminster Magistrates Court in London for allegedly attacking Elbit Systems UK earlier this month. Two others were held on suspicion of terrorism offenses.
The group is accused of using a vehicle to smash through the company’s regional office near Bristol, south England, in the early hours of Aug. 6.
Extensive damage was caused to the building (prosecutors allege 1 million pounds [$1.29 million] worth) and Elbit staff were allegedly assaulted by the activists. Local police said that two officers attending to the breach were “seriously assaulted in the course of their duties.”
The activists were charged with criminal damage, violent disorder and aggravated burglary using a sledgehammer. One was also charged with grievous bodily harm with intent and two counts of actual bodily harm, the BBC reported.
The seven activists will next appear at the Old Bailey in London on Sept. 13.
It is not the first time activists have targeted the company. In March, pro-Palestinian activists in Bristol blocked a UK arms fair sponsored by Elbit Systems.
Some companies, such as Japan’s Itochu, have dropped partnerships with Elbit over its involvement in the Gaza war.
