El Al posts another record quarterly profit as effects of war linger

Israel’s flagship carrier El Al posts another quarterly record profit, benefiting from strong demand, raking in returns as many foreign airlines repeatedly suspended flight services to and from Tel Aviv during the war in Gaza.

The airline reports earnings of $203 million in the July-September period, up more than 8 percent from $187 million during the same period a year earlier. Revenue rose over 7% to $1.07 billion from $1 billion in the corresponding quarter last year. El Al says its planes were 95.3% full, on average, during the quarter, up from 93.8% during the same period last year.

Major foreign airlines have repeatedly halted services to Israel following the outbreak of war in October 2023, ceding the market to El Al, some smaller Israeli carriers, and a handful of other airlines, mostly from the Persian Gulf and Eastern Europe. Some major US and European airlines have recently started to resume flight services to and from Israel, albeit on a limited basis.

El Al’s record profits have led some to accuse it of price-gouging and war profiteering, which the carrier denies.