Editing Rafael Advanced Defense Systems (section)

===Restructuring as a limited company===
During the early 1990s Rafael was operating at a loss (peaking in 1995, with a loss of $120 million on a turnover of $460 million). Therefore, it was decided to restructure the organization and start operating Rafael as a company. Initially the new company had three discrete divisions, each operating as a profit center, with a separate balance sheet presented to the newly formed management board.<ref>{{cite news|title=Rafael Operating as Gov't Company Since January 1 - Preparatory to Becoming Limited Company|url=http://www.globes.co.il/serveen/globes/docview.asp?did=368672|newspaper=Globes|date=May 1, 1997}}</ref>

The restructuring was completed in 2002 when Rafael was formally incorporated as a [[limited company]] (although still as a [[government-owned corporation]]), while maintaining its technological capabilities through an investment of about 10% of turnover in [[R&D]] programs. In its first year as a limited company, Rafael earned a $37 million profit on $830 million in sales.<ref>{{cite news|title=Rafael 2003 net profit: $37m|url=http://www.globes.co.il/serveen/globes/docview.asp?did=781005|newspaper=Globes|date=March 17, 2004}}</ref> By 2016, Rafael reported annual net profits of 473 million [[Israeli new shekel|ILS]] (roughly 130 million dollars), up 3%, compared with ILS 459 million in 2015. New orders in 2016 totaled ILS 10.7 billion, and sales amounted to ILS 8.32 billion, 6% more than in 2015. The company's orders backlog as of the end of 2016 was ILS 21.72 billion, 12% more than at the end of 2015.<ref>{{Cite news|url=http://www.globes.co.il/en/article-rafael-reports-higher-profit-for-2016-1001181597|title=Rafael reports higher profit for 2016|last=Azulai|first=Yuval|date=March 20, 2017|website=Globes}}</ref>

On October 14, 2007, the company changed its name from Rafael Armament Development Authority Ltd. to Rafael Advanced Defense Systems Ltd.