El Al Reports Record Quarterly Profit

El Al Israel Airlines has reported record financial results for the third quarter, achieving a net profit of $187 million, a 258% increase compared to $52 million in the same period last year, as it capitalizes on a near-monopoly status following the suspension of flights by many foreign carriers due to ongoing conflicts in the region. Revenue surged 44% to $1 billion, with a passenger load factor reaching 94%, indicating high demand for its services amidst the crisis. The airline's strategy of focusing on profitable routes to the UK and the US has led to accusations of price gouging, although El Al defends its pricing as reflective of global trends. CEO Dina Ben-Tal Ganancia noted that the airline's expansion includes new aircraft deals and diversification into services like insurance and credit cards. The financial performance marks a significant recovery for El Al, which faced severe challenges during the pandemic. As the airline continues to dominate the market, it has doubled its equity and reduced its debt significantly, showcasing a robust turnaround.