EL AL Israel Airlines' revenues soared 37% in 2024 reaching $3.4bn, supported by “unprecedented demand” as conflict continued throughout the year and airlines stripped back capacity in the country.
“Despite the difficulties, we maintained Israel's air bridge to the world during a multi-front war while continuing to implement our strategic plan," said EL AL CEO Dina Ben Tal Ganancia.
The company said it it is updating its 2030 strategic plan with it updating the rate of aircraft fleet expansion as “challenges in the aviation market" continues.
The narrowbody replacement programme will start in 2028, with it expecting five 737s that year, bringing it to 29 narrowbodies. By 2030, the airline expects to have 31 737s in its fleet. The company said it will add one 777 in 2028, bringing it to a total of five. Three 787 Dreamliner aircraft are expected in 2028, bringing it to 19. By 2030, the airline expects to have 22 Dreamliner aircraft.
Additionally, the company said it is “examining the possibility” of adding a widebody cargo aircraft in 2028.
Ganancia said the company is focussing on European and American markets as part of its strategic plan.
The company's net profits totalled $545 million for the year, a 4.7 times increase on 2023, according to financial report published on March 12, 2025. The company's EBITDAR doubled to $1.1bn for the year. The revenue growth was also driven by a 14% increase in average passenger fares compared to 2023. The company capped its prices for economy seat flights.
Fourth quarter revenues were up 26% to $851 million, and net profit tripled to $678 million. The company said its increased capacity drove the higher profits. Fourth quarter EBITDAR was up 71% to $275 million.
“The company continues to strengthen its flight schedule to increase seat supply and respond to high demand,” the company said. Capacity increased 12% in the year and 9% in the fourth quarter.
Unit revenues were up 24% in the full year, driven by a load factor of 94%, up eight percentage points from 2023. Fourth quarter unit revenues were up 21%, also driven by the higher load factor of 96% in the period, up 12 percentage points.
With foreign airlines starting to return to the country, Ganancia said the company “welcome” the return.