State-owned Rafael Advanced Defense Systems on Sunday reported a 21 percent increase in its profits in 2008, closing the year with earnings of NIS 166 million. According to an Army Radio report, the company was working on contracts totaling NIS 12 billion. The company noted that its increased profits came despite the global economic crisis. Rafael board of directors chairman Ilan Biran said the company's products and capabilities had opened up new markets and possibilities. These, he said, enabled the company to continue to make a profit despite the recession.