El Al Israel Airlines reported revenue of $630 million in the second quarter (Q2) of 2023, up by 22% from $516 million reported in Q2, 2022.
The airline reported an operating profit in the second quarter of 2023 of $90 million, almost ten times the operating profit of $9.4 million in the corresponding quarter of 2022. Gross profit was $59 million in the second quarter, up from a gross loss of $17 million in the corresponding quarter last year.
“After a successful first quarter that represented a good opening point, we are delighted to present record results for the second quarter, which was the second most successful quarter for the company since its IPO,” said Dina Ben Tal Ganancia, chief executive, EL Al. “Together with the stabilization of revenue, and the strict streamlining measures during the Covid pandemic, we are on the right path to maintain financial stability and soundness."
“We undertook big measures in the last quarter including the first collaboration agreement of its kind with aviation giant Delta, we entered the SAF (sustainable aviation fuel) world for the first time, completed the retrofit project for the 777 aircraft, and also received after a delay of several years the fleet's 16th Dreamliner,” Tal Ganancia added. “I am proud to present for the first time the five-year business plan, which has been built in a gradual manner and in line with our strategic plan. I believe in this plan and am confident that we will meet the goals we have set for ourselves.