El Al, has reported the highest second-quarter profit since the airline privatised in 2003 and is on the way to hit an estimated revenue prediction of almost $2,5 billion (R46,5 bn).
For the second quarter of this year, the airline earned an operating profit of about $90 million (R1,6 bn), ten times the $9,4 million (R175m) earned in the same quarter last year.
Revenue for this year’s second quarter stood at $630 million (R11,7bn), a 22% increase from that of the same quarter in 2022, $516 million (R9,6bn).
According to Reuters, the airline earned a nett $59 million (R1,1bn) in the April-June quarter, versus $100 million (R1,9bn) in 2022, but the 2022 profit was due to the sale of the Matmid frequent flyer programme a year ago. (Excluding that transaction the airline would have made a $15 million (R283m) nett loss in the same period of 2022.)
Combined, the revenues for this first half of this year reached an estimated $1,12 billion (R20,8bn).
Dina Ben Tal Ganacia, CEO of El Al, said the second quarter of 2023 was the second most successful quarter for the company since its IPO.
According to Ben Tal Ganacia, El Al is on a continued path of strategic growth following its collaborative agreement with Delta Air Lines, established in June, which allows for more convenient connectivity between Israel and the US.
The airline intends to increase its fleet from its current 46 aircraft to at least 59 by 2028. This plan includes replacing its Boeing short-haul fleet with Airbus A321neos.
