Profits of war
El Al’s golden quarter: $1 billion and near-full flights
With regional competitors grounded, Israel's flag carrier thrives, boasting $1 billion in revenue and an unprecedented 93.8% flight occupancy rate.
El Al continues its impressive financial climb, closing the third quarter of 2024 with a net profit of $187 million - a staggering 258% increase from $52 million in the same quarter last year. This follows the airline’s record-breaking second quarter, which saw profits of $147 million.
Revenue for the third quarter reached an unprecedented $1 billion, up from $695 million during the same period in 2023. The success stems from the summer travel surge, when many Israelis traveled abroad, and El Al’s near-monopoly on lucrative routes to the UK and the US, as foreign airlines avoid Israel amid ongoing conflict.
The airline also achieved a remarkable 93.8% seat occupancy rate in Q3, compared to 88.1% last year, driven by heightened demand. To accommodate this, El Al leased additional aircraft, increasing seat supply by 14% and adding $48 million to quarterly profits.
Despite its efforts, Israel’s national carrier has acknowledged it cannot meet the overwhelming demand, further solidifying its dominant position in the market.
* Ynet contributed to this article.
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