IAI to pay state highest dividend in a decade

Harel Locker Photo: Eyal Izhar

The Israel Aerospace Industries board has approved a dividend of NIS 140 million, following improved second quarter results.

State-owned Israel Aerospace Industries (IAI) announced this morning that its board of directors, headed by Harel Locker, it approved a dividend payment of NIS 104 million to the state at its meeting yesterday evening. This is in addition to a NIS 36 million dividend to the state approved at the end of May this year. IAI said this morning that the current payment was the highest paid to the state in the past decade.

IAI CEO Nimrod Sheffer said this morning, "As a commercial company, IAI is obliged to distribute dividends to its shareholders." He added that the NIS 140 million payment was possible thanks to improvement in the company's performance manifested in its latest financials, released last month.

IAI boosted its second quarter profit to $36 million from $13 million in the second quarter of 2018. Second quarter sales grew 10% in comparison with the second quarter of 2018 to $985 million.

Published by Globes, Israel business news - en.globes.co.il - on September 10, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Harel Locker Photo: Eyal Izhar
Harel Locker Photo: Eyal Izhar
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