Israel's El Al Airlines lands record profit as anger mounts over prices

El Al Israel Airlines posted record quarterly profit and revenue on Wednesday, lifted by its near-monopoly as many overseas carriers cancel flights due to conflict in the region. The Israeli airline faces criticism from customers in Israel and abroad for price-gouging since the Gaza war triggered by the Hamas attacks in Israel in October last year. El Al has benefited as the main U.S. and European airlines stopped flights, with some not expected to resume them until April 2025 and others saying until further notice. CE Dina Ben-Tal Ganancia said El Al's fares are only 16% higher this year and that prices have soared globally due to strong demand and limited capacity. Israel's flag carrier, which had often struggled to stay profitable before the Gaza war, posted a third-quarter net profit of $187m, up from $52m a year earlier. Revenue rose 44% to $1b, while its passenger load factor rose to 94% from 88% a year ago. "El Al has been operating in an emergency mode for more than a year, and our goal is to ensure that the skies remain open between Israel and the world. This is an essential move for the continuation of business, economic and diplomatic activity in the country," Ben-Tal Ganancia told a press conference. She noted a shortage of both new and second-hand planes. El Al signed a deal with Boeing in August for the purchase of up to 31 737 MAX aircraft worth as much as $2.5b.<br/>