Israir Group’s Record Year: Revenue Surges, Sales Soar – and Eyes Set on London
Record Net Profit, Surging Revenues, and Optimistic Forecasts for 2025: Israir Group Concludes a Historic Year
Israir Group concluded the year 2024 with record-breaking results across all metrics – in revenues, profits, and passenger numbers. The company reports a record revenue turnover amounting to approximately $453 million, an increase of $63 million compared to 2023.
Net profit also reached a record high, totaling $24 million (and $26.3 million in adjusted net profit), compared to $18 million last year.
Positive Cash Flow and Operational Profitability: Israir Ascends
Cash flow also set records – approximately $74 million from ongoing operations, nearly three times compared to the previous year. The company also notes an EBITDAR of $58 million, and an increase in gross profit to a total of $79 million.
The data is attributed, among other factors, to a dramatic increase in the number of flights, expansion of the aircraft fleet, and the launch of new routes.
Sharp Increase in Passenger Numbers – New Target: 1.8 Million by 2025
During 2024, Israir flew approximately 1.46 million passengers – an increase of nearly 50% compared to 2023. The company has set an ambitious target for 2025: reaching about 1.8 million passengers.
Fourth Quarter: Record Passenger Numbers and Peak Sales of Ancillary Products
In the fourth quarter alone, Israir flew 425,000 passengers (2.5 times more than the corresponding quarter). Sales of ancillary flight products reached a quarterly peak of $14 million – compared to just $5 million in the corresponding quarter last year.
Strategic Agreements: ISTA, New Aircraft, and London on the Horizon
Among the prominent moves in 2024:
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Signing a strategic agreement with ISTA for the pre-purchase of seats worth $35 million.
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Purchase of three new Airbus aircraft for a total amount of $60 million.
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Opening the route to London in November 2024.
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Entering the hotel market in Italy with an investment of approximately 3 million euros.
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Expanding the maintenance center in Cyprus and increasing production capacity by 50%.
Israir Considering Dividend Distribution – First Time Since COVID?
Following the improvement in profitability and cash flow, Israir is considering adopting a dividend distribution policy, subject to regulatory approvals and lender restrictions.
Uri Sirkis: “A Year of Historic Achievements”
Israir Group CEO, Uri Sirkis, summarized:
“2024 was a record year built on investment in technology, expanding the aircraft fleet, and increasing demand for the company’s products. Israir is establishing itself as a stable, commercial, and fair airline.”
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