Israel's El Al profit soars as rivals cancel flights amid conflict

El Al Israel Airlines reported a nearly 150% jump in profit on Thursday, taking advantage of its near-monopoly status with many foreign carriers having cancelled flights amid the war in Gaza and raising clients' ire over high fares. Separately, El Al announced a deal with Boeing for the purchase of up to 31 737 MAX aircraft worth as much as $2.5b to replace its aging short-haul fleet of Boeing 737-800 and 737-900 planes. Israel's flag carrier posted a Q2 net profit of $147m, up from $59m a year earlier, before the war with Hamas militants in Gaza that began on Oct. 7. With competition robust, it had often struggled to stay profitable pre-war. Revenue jumped 33% to $839m, while its passenger load factor rose to 92% from 87%, even as it expanded capacity by 8%. Its Tel Aviv-listed shares, however, fell 2% despite the results. El Al has been criticized by customers in Israel and abroad for price-gouging, as it has emerged as a near-monopoly since the Gaza war triggered by the Hamas attacks in Israel. El Al has benefited as rivals have frequently cancelled services due to the security situation. El Al rejected the criticism and accusations it was taking advantage of a passenger base with little travel option, saying that half of those who had bought tickets this year were paying less than in 2023.<br/>