EI AI Israel Airlines (EI AI) has reported a strong financial result for the third quarter (Q3) of 2022 with $626 million in revenue, almost 21% above Q2 2022, and 147% above Q3 2021. The airline has also reported strong bookings for September-November 2022 as travel demand recovers to pre-pandemic levels.
The airline reported an operating profit of $103 million in Q3 of 2022, about ten times larger than the operating profit in the second quarter. Net profit was $67 million, including $38 million from the partial sale of its frequent flyer club. EI Al also reported a positive cash flow of $56.9 million in the third quarter and ended the quarter with cash totaling $316 million.
EI Al also reported a revenue of $646 million from the sale of tickets between September and November 2022.
EI Al has a fleet of 45 aircraft of which seven have yet to return to operations and are being refurbished. Five of these seven aircraft will enter use during 2023 and the airline also plans to lease or purchase an additional Boeing 787 Dreamliner.
Due to the pandemic, EI Al’s reported a loss of $530 million in 2020 and $413 million in 2021. The airline received massive government support and carried out wide-scale efficiency-enhancing plans as a recovery aid.
The airline began its recovery in Q2 of 2022 with the gradual removal of the ban on tourists entering Israel.