Tel Aviv (Israel), August 17 (ANI/TPS): Israel’s leading airline El Al on Thursday announced a record profit of $147.4 million for the second quarter of 2024, marking the airline’s second consecutive year of record profits. The airline also announced a $2.5 billion deal to purchase new aircraft to modernize its fleet.
Many international airlines have suspended flights to Israel as tensions with Iran continue. In recent days, several airlines, including Lufthansa Group, Ryanair and Air Europa, extended their cancelled flights until August 26.
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While the cancellations left thousands of Israelis stranded abroad, they also gave El Al a virtual monopoly on flights. According to the Israel Airports Authority, El Al accounted for 62 percent of traffic at Ben Gurion Airport in the first quarter of 2024.
El Al reported a seat load factor of 92 percent – an increase of five percent compared to the second quarter of 2023. The airline also reported a 24 percent increase in “revenue per available seat kilometer” (RASK), a key performance indicator for the aviation industry, compared to the second quarter of 2023.
For the April-June period, El Al generated revenue of $839 million, up 33 percent from the same quarter in 2023 and surpassing El Al’s record first-quarter profit of $80.5 million.
Meanwhile, the airline has also announced plans to purchase up to 31 Boeing 737 MAX aircraft for up to $2.5 billion, the largest procurement in El Al’s history. Under the agreement, El Al will purchase 20 aircraft and has an option for 11 more.
Delivery of the aircraft will begin in 2028.
“The groundbreaking deal is an important milestone in the implementation of the company’s strategic plan, which will modernize the aircraft fleet, integrate the latest technologies and increase seating capacity,” El Al said.
The record turnover is far from that of 2020. Travel restrictions due to the coronavirus called into question El Al’s existence and forced it to send 80% of its employees on unpaid leave.
Although El Al is privately owned, the state holds a “gold share” in the airline and can thus influence important decisions. (ANI/TPS)
This report is auto-generated by ANI news service. ThePrint takes no responsibility for its content.
