DALLAS – El Al Israel Airlines (LY) has announced its Q4 2022 net profit of US$85m and a full-year operating profit of US $113m.
This is the first time since 2015 that El Al has posted a Q4 profit and its first annual profit since the start of the pandemic.
The airline is now looking to the future. Chief Executive Dina Ben-Tal Ganancia said LY hoped to recommence flights to India and add flights to Australia. It is also considering expanding into the Philippines, Singapore and Maldives markets. The plan is to carry some 7.5 million passengers per year through its Ben Gurion Airport (TLV) hub, taking a 24% market share.
Ganacia added that the airline intends to expand its Boeing 787 fleet from 16 to 22 with revenue targets of US$3.5bn by 2028. It also in discussions with a US carrier regarding entering a joint venture/codeshare, and expects to make an announcement in due course.
El Al changed ownership in 2020 and since then has been attempting to turn around its ailing fortunes. Various cost-cutting measures have been undertaken, including cutting its workforce from 6,300 to 4,400. The Israeli flag carrier has also received numerous government bailouts, including a recent US$9m capital gain.
Featured Image: El Al ‘retro livery’ Boeing 787-9 (4X-EDF). Photo: Francesco Cecchetti/Airways