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El Al Reports a Profitable Quarter

In the second quarter, El Al reported a net profit of $59 million, which is down from a net profit of $100 million during the same period the previous year. If we exclude a significant one-time profit from selling its frequent flyer club, El Al actually experienced a net loss of $15 million in the second quarter of 2022.

This year, El Al’s financial results were positively influenced by a 29% reduction in fuel expenses. However, it’s worth noting that their salary expenses went up by 37.5% in the same quarter. Revenue for the quarter increased by 22%, amounting to $630 million. This is higher than the $584 million El Al earned in the second quarter of 2019, before the pandemic impacted the travel industry.

Regarding operational metrics, El Al’s load factor, which indicates the percentage of occupied seats, climbed to 87% from 82% the previous year. Additionally, the airline held onto a 23% market share at Ben Gurion International Airport

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