El Al has reported its 2024 profits, and it’s staggering – 4.7 times higher than in 2023. The airline’s $3.4 billion revenue in 2024 marks a 37% surge, fueled by soaring ticket prices and a near-monopoly on flights to and from Israel amid the Israel-Hamas war.
As international airlines suspended operations, citing security concerns, El Al became the lifeline connecting Israel to the world. However, with that dominance came fierce criticism, as desperate travelers faced skyrocketing fares, limited availability, and accusations that the airline was exploiting the crisis for profit.
With most foreign carriers grounded, demand for El Al flights exploded. Many Israelis, fearing cancellations by foreign airlines, chose El Al regardless of price, leading to a 14% average fare increase. The company also ramped up its operations, increasing seat availability by 12%, and filling planes to an astonishing 94% capacity, compared to 86% in 2023.
El Al’s fourth-quarter revenue alone hit $851 million, a 26% jump from the same period in 2023. By the end of 2024, the airline’s equity swelled to $527 million, a dramatic turnaround from the $209 million debt it carried just a year earlier.
Despite its financial success, El Al is facing mounting backlash. Customers have accused the airline of price gouging, with ticket prices surging to levels far beyond pre-war rates. Many Israelis who had once seen El Al as a national symbol of resilience now question its commitment to the public, particularly after the company marketed itself as a pillar of support during wartime while simultaneously raising fares.
“The year 2024 presented us with complex national and business challenges, but we demonstrated our ability to successfully overcome them,” said El Al CEO Dina Ben Tal Ganancia, defending the airline’s record-breaking profits.
In response to public outcry, El Al capped ticket prices on select routes, attempting to ease consumer frustration. However, for many, the move came too late, as families had already struggled to afford flights home or had missed crucial travel opportunities.
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8 Responses
this is excellent news as their owner is a big baal tzedaka
They deserve all the accolades in the world. They were amazing all throughout. They were there when all others abandoned us. While I am also disappointed with the exorbitant cost of the ticket, that aside, they did a super amazing job performance all throughout. I flew a few times during the war months and was always very pleased. Kole haKavode Rozenberg family for setting the bar.
Nursing Home magnate buys company and seeks highest possible profit.
Who would have known?
Duhhhhhh when you have to pay 2,3 even 4 grand for a ticket, one would expect profits to soar!! If the tickets were based on all included costs of flying plus cost of security plust cost of airplane depreciation PLUS 10 or 15… 20 perecent markup for profit, the they would make money and we could afford to pay and fly. More flights could be added and the economy in EY would benefit. Win, win, win…… but not by Billions.
Wow zero shame at all. You know whose money this is that’s being advertised? All of ours. The backs of students and unfortunate victims of price gouging abuse. The backs of people trying to bury a loved one. I hope everyone will remember this now that Delta is back and there is other options. This Airline should burn to the ground for what they have done
Great News, They can put away some profits 📈 for a rainy 🌧 day.
Why is this not loshon hora
hello, someone @YWN knows the difference between revenue and profit? and report them separately.