Israel’s arms firm Elbit reports record earnings amid Gaza genocide

The leading Israeli weapons manufacturer, Elbit Systems, has announced a significant increase in its quarterly profits following months of contributing to the regime’s genocide in Gaza through the provision of weapons, munitions, and surveillance systems, all while securing a series of new contracts across Europe.

The Haifa-based military technology company reported earnings of $3.35 per diluted share, excluding one-time items — an increase from $2.21 in the previous year. Revenue also rose to $1.92 billion, up from $1.72 billion the year before.

The company’s order backlog has grown to $25.2 billion, with 69 percent of this total originating from markets outside of the Israeli-occupied territories.

Elbit’s Chief of Staff, Bezhalel Machlis, said the performance highlights the major contracts the company has obtained across Europe and from global customers, fueled by increasing military budgets.

The Israeli army represented more than 33 percent of the revenue, with Elbit providing munitions, drones, guided rockets, and reconnaissance systems amid the Tel Aviv regime’s genocide of Palestinians in Gaza.

Sales to Europe, the second-largest market for Israeli weapons globally, increased from $430 million to $536 million, accounting for 28 percent of the total revenue.

The firm stated that 69 percent of its backlog is derived from international sources and proclaimed a quarterly dividend of $0.75 per share.

Elbit separately revealed striking the largest contract in its history — a $2.3 billion agreement with an unnamed international client for weapons systems, scheduled for delivery over the next eight years.

The company chose not to disclose the identity of the customer or the specifics of the systems being provided, emphasizing confidentiality.

Elbit Systems has further extended its presence throughout Europe, the Balkans, and the United Kingdom via a number of new agreements disclosed in recent months.

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In Albania, Elbit is taking the lead on a deal that includes ATMOS howitzers, SPEAR mortars, and Magni-X and Thor drones, and will assist the state-owned KAYO organization in developing production lines and a new weapons production facility.

The Israeli company expanded its operations in the country earlier this year by entering into a flight-school agreement and is anticipated to assist Albania in achieving its objective of establishing local drone manufacturing by 2027.

The firm has also been steadily securing new contracts across the globe, such as the Hermes 900 deals recently signed with Singapore and Brazil.

In the UK, Elbit is vying with Raytheon for a $2.7 billion contract from the Ministry of Defense, which would designate the winning company as a strategic partner tasked with training 60,000 British troops each year.

The expected agreement is a progression from a different $1.64 billion deal with Serbia, and it builds upon the company’s established role in managing the Ministry of Defense’s Project Vulcan, which is a $75 million program designed for tank crew simulation training.

Elbit’s subsidiaries in the United Kingdom have faced ongoing protests, and the company’s significant involvement in Israel’s conflict with Gaza has led to increased examination, with the UN special rapporteur for Palestine remarking that for Israeli firms like Elbit Systems ... the persistent genocide has proven to be a lucrative enterprise.

In the attacks in Gaza since October 2023, Israel has killed nearly 69,500 Palestinians, mostly women and children, and injured more than 170,700 others.

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