Following the acquisition of Israir Airlines by businessman Rami Levy, who insisted that the airline cease all flights on Shabbos, it was expected that the airline’s profits would decrease, but instead, its revenues increased by 10%.
Globes recently reported that Israir Group, which is controlled by Rami Levy and holds full ownership of the airline, registered revenues of $358 million last year – an increase of 180% from the year before.
Israir CEO Uri Sirkis told Globes that in the past year, “there has been an improvement in all the parameters that comprise Israir’s production. This is mainly thanks to the hard work during the COVID years. Most of the industry sent its workers on unpaid leave but we maintained our activities as usual.”
Sirkis added that there has been a continuous increase in the demand for flights since the start of 2023, which he attributes to the Abraham Accords as the airline operates numerous flights to Dubai, Sharm El-Sheikah, and Istanbul.
In the period after his acquisition of the airline, Rami Levy said: “We announced more than once that the company would not operate on Shabbat. In recent months, we fulfilled those words in practice. Shabbat, for us, is a supreme value, which we cannot and do not want to give up. My malls are closed on Shabbat. All tenants are obligated to this. Even when I rent my properties in the Atarot industrial area to Arab business owners, I sign with them in advance that work cannot take place there on Shabbat.”
(YWN Israel Desk – Jerusalem)
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11 Responses
Wow, tremendous kiddush Hashem!
Why didn’t I see it as an option going to Israel?
I would’ve flown with them is it’s reasonable
Another FALSE YWN headline.
If you read the actual story revenues increased. Not one word about an increase in profits as falsely claimed in the headline.
Revenue is income. Profits are income less expenses. They are far from the same thing.
Editors at YWN get a big red F in Economics 101
Separate from the issues of being shomer shabbos, Levy has brought in a really talented management team to support Sirkis and adopt new technology and more efficient procedures to cut costs without sacrificing customer service. Hopefully, profitability growth will follow increased revenues and sales.
Coffee addict, 💡
Great, this is the way to go!
If you read between the lines it seems. Profit / net income increased 10% and revenue/receipts 180%.
CTLAWYER,
as another poster noted, you may have some reading comprehension issues, along with a story that was probably not translated so well.
Revenues increased by 180% per the article in Globes. So, the 10% increase referred to earlier is referring to profit.
Perhaps you have also earned a big F.
“it was expected that the airline’s profits would decrease, but instead, its revenues increased by 10%.”
Who expected the profits to decrease ?
The profits actually did decrease in 2021 due to Covid.
The profits in 2022 are due to the factors stated in the article.
I just want to say responding to CTLAWYER that while your middos may pass for a goyish law forum or for your noble profession, your middos are out of control and are not appropriate for this here forum. No sir.
To CTLawyer: You are half right: there is not one word in the article about profit. I regret to tell you that you are utterly wrong when you say revenue is income. WRONG, WRONG, WRONG. Forgive my tautology, but revenue is revenue. Income is revenue minus all expenses. If that number is positive, we can call profit; if negative, we can call it a loss.
My remarks above are an overly simple summary of some elementary accounting concepts.
Your comments are usually accurate and reliable, but all of us, even me, sometimes get something wrong.
For a colossal example of accounting ignorance, see the Coffee Room topic about Ponzi schemes, which the YWN editors closed down but left posted.