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Home » News » El Al Reports Record Profit Thanks To Gaza War
EL ALNews

El Al Reports Record Profit Thanks To Gaza War

Matthew Klint Posted onAugust 19, 2024August 19, 2024 10 Comments

a group of women in uniform holding a flag

El Al Israel Airlines reported its highest-ever quarterly profit, benefiting from decreased competition as a result of the war in Gaza.

El Al Reports 150% Profit Increase Thanks To Limited Competition During Gaza War

As Israel’s only reliable lifeline to the outside world in terms of air travel, El Al has maintained full operations during the war in Gaza. In fact, it even temporarily ran services over Shabbat to bring reservists to Israel for the battle against Hamas in the Gaza Strip.


> Read More: As Bombed Syrian Airports Shut Down, El Al Will Fly On Sabbat


Compared to the second quarter of 2023, El Al increased its revenue by 33% (to 839 million USD) and increased its profit by 150% over the same period (to 147 million USD).

Key factors:

  • El Al operated 47 aircraft (versus 45 over the same period in 2023)
  • Load factor was 92.4% (versus 86.8% in 2023)
  • Ticket prices were 17% higher per kilometer than 2023
  • On North American routes, El Al market share was 88.2% (versus 35.5% in 2023)
  • Roughly 1/3 of the reported $147 million profit ($57 million) came from its cargo operations (a 107% increase versus 2023)

On the heels of this positive news, El Al announced it will grow further with an order for 20 Max 737 aircraft (worth $1.5 billion) plus an option to purchase 11 more. The aircraft will be delivered in the next 5-7 years.

In the long term, El Al hopes to increase its seat capacity by 40-45% on narrowbody routes and 35-40% on widebody aircraft.

Meanwhile, being on the brink of bankruptcy during the pandemic, El Al has slashed its debt from 1.7 billion USD to 611 million USD, with hopes that its remaining debt can be zeroed out by the end of the year.


> Read More: Passengers Crowd Onto El AL Flight To Israel, Sitting On Floor After Seats Run Out

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About Author

Matthew Klint

Matthew is an avid traveler who calls Los Angeles home. Each year he travels more than 200,000 miles by air and has visited more than 135 countries. Working both in the aviation industry and as a travel consultant, Matthew has been featured in major media outlets around the world and uses his Live and Let's Fly blog to share the latest news in the airline industry, commentary on frequent flyer programs, and detailed reports of his worldwide travel.

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10 Comments

  1. Alert Reply
    August 19, 2024 at 11:19 am

    Good on El Al . What they lack in service amenities , they gain in safety . Plus , Israel is righteously Biblical , which is a huge advantaget over misleading secularism .

    • Alert Reply
      August 19, 2024 at 11:22 am

      Plus , one’s fellow passengers are likely more intelligent than Camel-a or Brandon .

      • O'Hare Is My Second Home Reply
        August 19, 2024 at 12:00 pm

        Then they’re far more intelligent than Mango Mussolini and Sexist Bear.

  2. trk1 Reply
    August 19, 2024 at 11:45 am

    Too bad that an airline does not take safety as seriously as the American carriers. They only care about $$$$

    • Dave Edwards Reply
      August 19, 2024 at 12:25 pm

      BS, you won’t see 19 Muslims with box cutters boarding a plane in Israel.

      You won’t see an open border there like we have in America.

      You won’t see far left prosecutors arguing to let criminals back on the street with no bail like we do in big cities.

      You won’t see Presidential candidates there asking for funds to bail out criminals that burned a city over another career criminal passing a fake $20.

      And you certainly won’t see terrorists like Omar winning elections there.

      They take the safety of their citizens far more serious than we do in the United States. And you saying they only care about money shows how racist you are toward the good people of the Jewish faith.

      • Pam Thickett Reply
        August 19, 2024 at 9:55 pm

        Will the MAGA crowd like the intrusive questioning done at Israeli airports?

      • Aaron Reply
        August 20, 2024 at 5:03 am

        What act of terrorism did Omar commit?

        “You won’t see far left prosecutors arguing to let criminals back on the street with no bail like we do in big cities.”

        They do if they rape/kill/steal homes of Palestinians, both within Israel and without.

        “You won’t see Presidential candidates there asking for funds to bail out criminals that burned a city over another career criminal passing a fake $20.”

        Lol no their politicians get indicted or face trials for other types of corruption.

  3. James Harper Reply
    August 20, 2024 at 11:59 am

    If there was any justice at all, El-Al would have faced the same sanctions as Russian carriers did following their illegal invasion of Ukraine, the Israeli action in Gaza which amounts to genocide is far worse.

    El-Al should be grounded or at least not allowed to fly to international destinations until full reparations are paid to the Palestinian people for the Israeli genocide and destruction of their homes and communities.

    • emercycrite Reply
      August 20, 2024 at 7:17 pm

      Sadly I doubt this will ever happen.

    • Uri Reply
      August 23, 2024 at 12:22 am

      Start a war, lose it, ask fir reparations. Yeah right.

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