Israeli arms maker Elbit Systems sees share prices soar after Russian invasion of Ukraine

Israeli defence company Elbit Systems has experienced a surge in share prices amid Russia's invasion of Ukraine. 

Israel's largest private arms company - repeatedly condemned by rights groups for facilitating the systematic killing of Palestinians - saw an 18 percent increase in shares over two days after Moscow attacked Kyiv, reported Haaretz. 

Experts predict profits will continue to soar following Sunday’s announcement from German Chancellor Olaf Scholz of a multi-billion dollar one-time sum injected into Germany’s military budget - a country that has historically purchased large numbers of military systems and devices from Elbit. 

"There's an opportunity for Elbit here to get back to taking market share in Europe, as Europe raises defense budgets," said Liran Lublin, Head of Research at IBI Investment House, to Globes. 

Lublin said that while Elbit's sales in Europe have been on the rise, European sales in proportion to total profit were in decline over recent years. However, following Moscow's siege on Kyiv, this trend could buckle and reverse, he added. 

Elbit Systems has supplied the Israeli government with drones, munitions and components used to persecute and bombard Palestinians in Gaza and the occupied West Bank. 

Pro-Palestine rights groups have called on foreign governments, such as the UK, to boycott the company given its connections to Israeli apartheid. 

The New Arab contacted Elbit Systems for comment but received no response by the time of publication. 

A number of other defense companies have also witnessed record increases in stock value over the past week, including Germany's Rheinmentall, Italy's Leonardo and the UK's BAE.