EL AL Israel Airlines' revenues soared to over $1bn in the third quarter of 2024, a marked increased over its $678 million in revenues in the same period last year.
In addition, the company's net profits more than tripled from last year's third quarter result of $52 million, up to $187 million. The company said the increase in profit was driven by growth, network mix in traffic, cargo, and load factor. Capacity increased 15% over the last year's third quarter and over the preceding quarter. Load factor was up six percentage points to 94% in the period.
EL AL's EBITDAR more than doubled from $172 million last year up to $360 million in the quarter.
Revenue per available seat kilometre (RASK) was up 23% in the quarter.
The strong results come amid various foreign airlines suspending services to and from Tel Aviv as conflicts continue in the region. Some foreign airlines have since announced their return to the region, albeit with reduced frequencies.
As of the quarter's end, the airline's net debt was $376 million, down from $611 million in the preceding quarter and down from $1.6bn in the same period last year. The company's net debt to EBITDA was 0.4x at the end of the financial period.