El Al Israel Airlines has reported a profit of $80.5 million in the first quarter of 2024, a huge turnaround from a net loss of $34.4 million in the same period last year. This marks the best-ever financial results in a single quarter for the company.
The Israeli carrier has benefited from the war, which led to the cancellation of flights by many foreign airlines, making El Al a “de facto” monopoly on many major routes to and from Israel. As a result, El Al’s passenger traffic increased, with the airline responsible for 62% of the passenger traffic at Ben Gurion airport in Q1 2024, up from 22% in Q1 2023.
El Al’s revenue also surged 48% to $738 million in Q1 2024, exceeding the revenue of the traditionally strong summer quarters. The company expects the strong demand to continue in Q2 2024, with a projected 4% increase in revenue per seat kilometer.
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16 Responses
we should be happy as a frum and ehrlich yid owns this company and he gives much tzedaka and more than just his maaser.
It helps that they were the only game in town for the most part all that time.
Mi K’amecha!!! Take advantage of a serious situation to jack up prices and hurt fellow Jews and then gain record profits.
hmmm, first time since a frum owner told over and they stopped flying on shabbos
I had to fly people in from EY for a simcha and it ended up 70% more than I budgeted.
Lakewoodbt:
that Tzedakah he gives comes from money he makes by taking advantage of his fellow Yidden and overcharging.
I’m very happy for them. Yes, I too paid double the norm to fly to Israel two months ago but honestly it’s supply and demand, folks. Every flight is full with no available seats. All airlines price their tickets based on demand. We should all be grateful that they were flying all this time, through thick and thin
Every business that provides a vital service for consumers comes out making lots of money. And they should.
But I’m glad that in this case, it’s the new frum owners making the money, and it also sticks it to all the selfish naysayers who tried to stop this purchase of Elal years ago.
im not so sure charging people $1800.00-2500.00 or more for a coach-steerage seat is a mitzva (and notעובר אונאה) even if he gives חומש on his profits
ChalabiJew:
Supply and Demand is not an excuse to rip off fellow Yidden. If this owner is so frum then why is he enriching himself so outrageously. Would it kill him to make a slightly smaller profit. Nobody is asking him to take a loss, but why should he make himself wealthy at the expense of Yidden?
The answer should be to encourage other airlines to resume flying regular schedules to Israel. Until then, supply and demand is a law of nature.
If you want the luxury of going to Israel you can afford to pay. If you can’t afford it don’t go. If less people go because of the cost prices will come down. That is how supply and demand works. Understood some have to go. But using credit cards to fly to Israel and go into debt on crefit cards is ridiculous.
so according to the above commentators attacking a frum yid a landlord should NOT charge market rents and the government should institute price controls like in a great socialist country like cuba or venezuela. We should be happy a frum yid is getting these funds and not some anti religous chiloni.
I feel happy for the new owners of the company. Many great improvements have been implemented. The prices however are really overly high and should level down. Profits need to be made and they’re wholly entitled but now, please, either bring the prices down or give more value to the accrued points your customer base has brought you. Give us a piece of the pie.
A few comments
A. ELAL, as the Israeli airline did not fly on Shabbat even before owned by a frum yid!
B prices are ridiculous. It’s nice to say people who can’t afford shouldn’t go, but Israel needs visitors and many going today are doing essential work, as volunteers.
C. They are charging $50 per bag for bags coming from organizations holding essential supplies. Granted its 50% of the normal charge -but it could be even less!!
I’m a rare fan of El Al and fly them whenever I can but this is just chazerish. We’re flying to New York for a first-degree simcha this summer and are paying $12,000 for a family of 6.
It’s not right, especially from an airline that has been bailed out many times by Israeli taxpayers like myself.
I for one, will show how much I appreciate ElAl ripping me off by dropping them like a hot potato as soon as the other guys start flying again! And of course, I’ll ma’aser of the $$$ that I saved.