El Al Sums Up 2024: New Records in Revenue and Profits
El Al is wrapping up 2024 with impressive figures, showing unprecedented growth in revenue and profits despite the many challenges in the global aviation market and the security situation in Israel. The company’s revenue grew by about 37% to $3.4 billion, while annual net profit jumped 4.7-fold to $545 million.
Challenges and How They Were Met
Since the COVID-19 pandemic, the aviation industry has faced many difficulties, including shortages of aircraft, engines and spare parts, alongside delays in the global supply chain. In 2024 this was compounded by the security reality in Israel, which led to flight cancellations by foreign airlines and growing demand for El Al flights.
To cope with the high demand, the company increased its seat supply and adapted its commercial and operational activity. At the same time, El Al adopted a careful pricing policy, which included fixing prices on several key destinations and setting maximum prices for all its economy class destinations.
Support for the IDF and the Hostages’ Families
Throughout the year, El Al provided about 20,000 free flight tickets to IDF soldiers in regular and reserve service, distributed 1.9 billion frequent flyer points, and offered free baggage and seat selection benefits alongside full refunds on flight cancellations. In addition, the company supported the activities of the Hostages and Missing Families Forum and bereaved families.
Impressive Economic Growth
Key Financial Figures for 2024
- Revenue – $3.4 billion (up 37%)
- EBITDAR – $1.1 billion (twice the 2023 figure)
- Net profit – $545 million (4.7 times the 2023 figure)
- Equity – $527 million (compared with a deficit of $209 million in 2023)
- Net financial debt – $75 million
Q4 2024
- Revenue – $851 million (up 26% on the same quarter last year)
- Net profit – $130 million (3.3 times the same quarter)
- Average load factor (LF) – 94%
- Cash flow from operating activities – $1.4 billion (3 times the 2023 figure)
Renewal and Global Expansion
Following its impressive growth, El Al continues to increase flight frequency to key destinations in North America, Europe and the Far East, while adjusting its destination mix according to demand.
The company is also updating its strategic plan to 2030, which focuses on the following goals:
- Revenue of over $4 billion
- A 25% market share at Ben Gurion (about 7.6 million passengers)
- 8–10% of revenue from non-flight sources (such as insurance, retail and credit)
- Over 4 million frequent flyer club members
Management Sums Up the Year
Dina Ben Tal Ganancia, El Al CEO:
“2024 presented us with complex national and business challenges, but we proved our ability to handle them successfully. We maintained the air bridge between Israel and the world while preserving financial stability. We’ll continue to implement our strategic plan, expand globally and secure El Al’s position as a leading airline.”
Yankale Shahar, CFO:
“This is an unprecedented achievement for El Al, with significant growth, improved financial performance and debt reduction. We expect the company to reach revenue of over $4 billion by 2030.”
El Al sums up 2024 as a year of unprecedented growth, while continuing to strengthen its position as Israel’s national airline. The company plans to keep developing in the global market, alongside expanding its services and adapting to the changing market. Link to the report
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