El Al posts huge profit surge

Thursday, 20 Nov, 2024 0

Israel flagship carrier El Al has seen a huge jump in Q3 profits with few major competitors still flying to Israel.

It reported a mammoth 260% increase in its third-quarter profit.

It reported earnings of $187 million from July to September, up from $52 million over the same period a year ago.

It has a near-monopoly on many routes as many foreign airlines have still suspended flights due to the Gaza and Lebanon conflicts.

Revenue during the quarter was up by 43%.

El Al’s load factor was also significantly up from 88% last year to 94%.

Since October 2023, many major international airlines, have suspended Israel flights.

There is very little competition from the US and western Europe for El Al although there are competing services from the Gulf and eastern Europe.

The airline has been accused of price gouging which it denies and has responded by imposing price caps on some routes such as Athens and Dubai.

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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