NEW YORK – El Al achieved a remarkable financial performance in 2024, reporting a net profit of approximately $545 million—marking a 4.7-fold increase over the previous year. Revenue for the airline surged by 37%, reaching $3.4 billion, driven by a 14% increase in the average price per passenger and a 26% rise in fourth-quarter revenue, totaling $851 million.
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The airline’s success was also reflected in its market dominance. El Al’s market share at Ben Gurion Airport jumped to 47.5%, with the U.S. routes seeing even more impressive gains, reaching a record 97.5% in the fourth quarter. This growth was fueled by increased available seat kilometers, a 12% year-over-year rise, and an expanded flight schedule.
Despite operating in a challenging environment, including a multi-front war, El Al maintained its strategic course and continued to serve as Israel’s primary air bridge to the world. CEO Dina Ben Tal Ganancia highlighted the airline’s resilience, noting that staff dedication and a strict pricing policy contributed to their success. “We faced complex national and business challenges, but we proved our ability to overcome them,” she said.
In line with the strong financial results, the airline also posted a notable reduction in its net debt, which fell to $75 million from $1.4 billion in 2023. Equity improved significantly, reaching $527 million, up from a $209 million deficit the year before.
Employee bonuses were also a reflection of the airline’s success, with $104 million distributed based on pre-tax profits. Pilots, in particular, received substantial bonuses, with each earning $68,000.
El Al’s cargo division also performed well, with revenue up by $100 million, totaling $267 million. However, despite these strong results, El Al has not yet announced any dividend payouts, as it is still negotiating with the Israeli government to lift restrictions placed on dividend distributions as part of a COVID-19 assistance agreement.
Looking ahead, El Al remains focused on maintaining financial stability while expanding its global presence, particularly in European and U.S. markets. The airline’s leadership expressed confidence in its strategic plan and its ability to continue contributing to Israel’s economy and society.
A well-known gadol once said something along the lines of, “It’s fine to make a profit, but you don’t need to become a gvir on the backs of Yidden”. It’s fine for ElAl to profit, but they are milking the market because they can, and I don’t know if that’s the right thing to do.
Other airlines didn’t fly. ElAl monopolized. We frum broke readers paid more. ElAl now has mass funds shifted from the collective Jewish community into its coffers. No need for any longer description or details. BTW, I have no problem with ElAl profit. The investor owners risked capital and were rewarded, good for them. And yes, I bought high priced ElAl tiks for family.
No kidding. Look at the prices they’ve been charging since the war started. Just because they can.
Price gouging.
Those record prices are a tax on the Jewish people most of us cannot easily afford. This kind of profit when they had a monopoly should’ve been illegal
I do not understand the hate.
If you book far enough in advance the prices are standard
And you can get cheaper with a stopover. They are the only airline giving convenient nonstop to Israel. If you are late in booking or want convenience they should be able to charge market price. If you do not like it go through Europe
The only reason for their profits, is that all of the other airlines chickened out, and stopped flying to Israel. As soon as those fair weather friends resume flying again, El Al’s profits, will not be as great in the future.
I think there prices are too cheap. No other airlines are flying. At least if you NEED to go to Israel you can find a seat. Can you imagine if they were charging 1k a seat or less like they used to during off season. There would be a 3 year back up
lol I’m shocked (cue sarcasm). could it be due to the outrageous prices they’ve been charging, knowing they’re basically the only reliable airline since the war started?
Duh!!? No kidding.