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El Al raked in $1 billion in three-month period, while foreign airlines refrain from stating when they’ll resume Israeli routes.
By World Israel News Staff
Israeli airline El Al recorded its highest-ever revenue and a major increase in its profits, as dozens of foreign airlines cancel routes to Israel, with no estimate of when they’ll return.
El Al recently announced that its third-quarter revenues reached $1 billion, a 44 percent increase from the same period in 2023.
The carrier’s net profits soared to $185 million, marking an increase of a staggering 258 percent.
“El Al has been operating in emergency mode for more than a year, and our goal is to ensure that the skies remain open between Israel and the world,” El Al CEO Dina Ben Tal Ganancia said in a media statement.
“Throughout the months of the war and especially in the current quarter, we continue to experience increased demand for El Al flights, which is significantly higher in relation to the seat capacity that the company is able to offer.”
In recent months, El Al has faced serious criticism for price gouging, as the carrier is one of just a handful that continues to provide routes to and from the Jewish State during the ongoing war.
Many foreign airlines have declined to state when they expect to resume their Israeli fights.
Ganancia appeared to acknowledge that much of the company’s record profits are due to the fact that the carrier essentially has a monopoly on flights to Israel.
She stressed that El Al was pushed to the limit by the demand for flights, and urged foreign carriers to return to Israel in order to provide more options for those wishing to travel to and from the country.
“We make every operational effort to increase the supply of seats as much as possible, in order to find solutions and serve the public traveling from and to Israel, but for the moment we don’t have any substantial capacity to add additional flights and therefore everything needs to done for foreign airlines to resume their operations to Israel,” she said.
“Otherwise passenger demand will not stabilize and the problem will only get worse,” she added.
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