Israeli carrier El Al has maintained its strong performance over the first half of the year, as the effects of the Gaza conflict continue to disrupt the normal seasonal activity cycle.
The unusually high load factors of the first quarter did not subside in the second, giving an overall average of 92.5% over the six months to 30 June.
El Al says the number of passengers passing through Israel since the conflict began last October has halved.
The “significant changes” in the offer of flights on the market – partly driven by reduced activity from competing carriers – meant traffic during El Al’s normally-quiet first quarter was closer to that experienced during peak periods.
“There the entire first half of 2024 was characterised by increased levels of demand for the company’s flights in relation to the seat capacity that it can offer,” says the airline.
The situation has had a “material positive effect” on the business over the second quarter and the first half.
El Al generated a net first-half-profit of nearly $228 million compared with last year’s interim figure of $24.5 million.
It recorded a near-40% rise in revenues for the period, to $1.57 billion, while expenditure increased by only 20% to $1.24 billion.
El Al’s second-quarter net profit reached $147 million, two-and-a-half times the figure for the same period last year.
But the carrier points out that the conflict also brings uncertainty for its own operation. It has encountered difficulties with personnel management, because a significant proportion of its employees are engaged with military service.
El Al has had to adapt its business activity, and says the situation has led to longer flight routes, increases in security costs, and difficulties in predicting market demand.
