El Al profits jump in the third quarter as the airline industry recovers

El Al Israel Airlines Ltd. (TASE:ELAL) reported strong financial results for the third quarter of 2022 and has been disqualified from continuing. The company also reported strong bookings for September and November with strong ticket demand as the global tourism industry returns to normal after the Covid pandemic.

El Al reported revenue of $626 million in the third quarter of 2022, up 21% from the previous quarter and up 147% from the corresponding quarter of 2021. Revenue was down 3% from the third quarter of 2019, before the pandemic hit, although That El Al then Al was operating five more aircraft.

El Al has a fleet of 45 aircraft, seven of which have not yet returned to operations and are being refurbished. Five of these seven aircraft will enter service during 2023 and the company also plans to lease or purchase an additional Boeing 787 Dreamliner.

The third quarter of 2022 was the second quarter since all travel restrictions were removed due to the pandemic and the global aviation industry began to recover. High demand returned quickly resulting in revenue similar to 2019.

Operating profit was $103 million in the third quarter of 2022, ten times the operating profit in the second quarter. The net profit was $67 million, including $38 million from the partial sale of the frequent flyer club. El Al also generated positive cash flows of $56.9 million in the third quarter and ended the quarter with cash flow of $316 million.

El Al added that it sold $646 million worth of tickets between September and November.

Published by Globes, Israel business news – en.globes.co.il – on November 23, 2022.

© Copyright Globes Publisher Itonut (1983) Ltd., 2022.

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