Israeli carrier El Al expects the first quarter of this year to reflect a continuing under-capacity trend, despite the increased presence of competing carriers at Tel Aviv.
El Al believes the overall seat supply at Tel Aviv Ben Gurion airport will by 30% lower than during the first quarter of last year.
The carrier says ceasefire agreements in relation to the Gaza conflict mean the security situation has “moderated” although “uncertainty” remains.
“Against this backdrop, there was a gradual improvement in the pace and intensity of foreign airlines returning to Israel,” it states.
It expects its first-quarter results this year will be “positively affected” and remain “similar” to those achieved in the first quarter of 2024.
El Al gave the update as it turned in a strong full-year performance with an operating profit of $773 million – up from the previous $505 million – including a doubling of the figure to $167 million in the fourth quarter.
The airline’s full-year net profit reached $545 million in 2024, far above the $117 million and $109 million generated in the two years prior.
El Al attributes the figures to the increased demand for its flights, as a result of the conflict and the consequent depletion of competition. Revenues over the year surged by 37% to $3.43 billion.
