Israeli airline announces record profit of $147.4 million for the second quarter of 2024, the second consecutive quarter the carrier set a record profit.
Israel’s flagship airline, El Al, announced a record profit of $147.4 million for the second quarter of 2024 on Thursday, marking the second consecutive quarter the carrier set a record profit. The airline also announced a $2.5 billion deal to purchase new aircraft to upgrade its fleet.
Many international airlines have suspended their flights to Israel as tensions remain high with Iran. In recent days, several airlines including the Lufthansa Group, Ryanair and Air Europa extended their canceled flights until Aug. 26.
While the cancellations left thousands of Israelis stranded abroad, they also gave El Al a near-monopoly on flights. According to the Israel Airports Authority, 62% of Ben-Gurion Airport traffic during the first quarter of 2024 was with El Al.