El Al ended 2024 with record net profits of approximately $545 million, a 4.7-fold increase compared to 2023, according to the airline’s financial reports released Wednesday.
Revenue for the year rose by 37%, reaching $3.4 billion. This growth was partly driven by a 14% increase in the average fare per passenger compared to 2023. Fourth-quarter revenue totaled $851 million, up 26% from $678 million in the same period the previous year. Net profit for the fourth quarter tripled to $130 million, compared to $40 million in the fourth quarter of 2023.
Employees received a $104 million bonus pool based on the company’s pre-tax profits. Pilots, numbering around 600, were awarded the largest share, receiving 6% of the annual pre-tax profit –amounting to $68,000 per pilot.
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El Al ended 2024 with record net profits of approximately $545 million
(Photo: Eran Granot)
El Al maintained its dominance at Ben Gurion Airport in 2024, increasing its available seat kilometers by 12% year-over-year and by 9% in the fourth quarter alone, as the airline worked to expand its flight schedule as much as possible.
Despite its strong financial performance, El Al has not yet announced a dividend distribution. The company is in negotiations with the Israeli government to lift restrictions on dividend payouts, currently in place until the end of 2025. These restrictions were part of a COVID-19-era government assistance agreement. In exchange for agreeing to cover up to an additional $10 million annually for airline security expenses, El Al is seeking the removal of the dividend ban.
El Al also posted several new company records in 2024. Its market share at Ben Gurion Airport jumped to 47.5%, up from 26.5% in 2023, and reached 52% in the fourth quarter, partly due to reduced operations from competitors. On U.S. routes, El Al’s market share soared to 90% in 2024, compared to 42% the previous year, and hit a record 97.5% in the fourth quarter.
'Despite the difficulties, we maintained Israel’s air bridge to the world during a multi-front war while advancing our strategic plan'
Cargo revenue rose by $100 million in 2024, totaling $267 million, up from $165 million in 2023. As a result of its improved profitability, El Al significantly reduced its net debt to $75 million, down from $1.4 billion the year before.
The airline’s equity position also improved, ending 2024 with $527 million in equity, compared to a $209 million deficit at the end of 2023. The positive shift stemmed from net profits, a $135 million capital raise, and the exercise of $58 million in warrants. The company had already repaid its debt to the government by the end of 2023.
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Lower financing expenses also contributed to El Al’s profitability. Net financing costs dropped by $47 million in 2024 compared to the previous year. In the fourth quarter, net financing expenses totaled $28 million, down from $44 million in the fourth quarter of 2023, primarily due to higher interest income from deposits.
El Al CEO Dina Ben Tal Ganancia earned NIS 6.5 million in 2024, while Chairman Amikam Ben Zvi received NIS 5.5 million.
CEO: 'We maintained a careful pricing policy'
“El Al faced complex national and business challenges in 2024, yet we proved our ability to overcome them,” said Ben Tal Ganancia. “Despite the difficulties, we maintained Israel’s air bridge to the world during a multi-front war while advancing our strategic plan.”
“These successes would not have been possible without the dedication of El Al’s staff, who worked tirelessly to maintain the company’s operational continuity,” she added.
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El Al CEO Dina Ben Tal Ganancia earned NIS 6.5 million in 2024
(Photo: Guy Koshi and Yariv Fine)
Ben Tal Ganancia highlighted El Al’s strict pricing policy during the war, which included setting maximum prices and uniform fares to certain destinations. “These actions proved effective,” she said, noting that the average ticket price rose by only 14% in 2024 compared to 2023.
“Our goal remains to maintain financial stability and foster growth across all areas of the company,” she said. “We are committed to executing our updated strategic plan to establish El Al as a global leader in tourism and aviation, with a focus on the European and U.S. markets.”
“We welcome the return of foreign airlines to Israel and continue to strengthen El Al’s position as a leading Israeli airline, contributing to the country’s economy and society,” she concluded. “We will keep working to ensure our passengers can rely on us to be there when it matters most.”