Israeli flag-carrier El Al’s third-quarter revenues topped $1 billion as the airline continued to benefit from the depleted competition out of Tel Aviv.
Demand generated a $308 million surge in revenues for the three months including $36 million for the cargo sector.
El Al’s pre-tax profit for the three-month period to 30 September reached $246 million and it achieved a net profit of $187 million.
The carrier’s unit revenues have increased by 23% compared with the same period last year, just before the outbreak of the Gaza conflict.
El Al hiked third-quarter capacity by 15% and its average passenger load factor reached nearly 94%.
This figure has remained above 90% for each quarter since the start of 2024, in contrast to the level of 84% for the third quarter of 2023.
While such high load factors would normally drive an increase in take-up of higher-margin seats, the carrier points out that it has implemented price-capping to limit economy-class fares on certain routes.
This restriction is intended to assist repatriation of citizens as well as passengers whose travel options are reduced as a result of flight suspensions by foreign carriers.
El Al says that, while some foreign airlines are restoring services, several major operators – among them United Airlines, American Airlines, Turkish Airlines and British Airways – remain absent.
Cargo demand has increased, not only because of the lack of capacity on foreign aircraft but also the geopolitical situation in the Red Sea. Cargo revenues for the quarter reached $62 million.
