El Al En Route to Recovery
By Hamodia Staff
YERUSHALAYIM – After several years of financial troubles that brought it to the brink of bankruptcy, El Al Airlines begins to look like a going concern once again.
Thanks to strong stats in the third quarter of 2022 and ticket bookings up for September-November, the company has had its going concern qualification removed, Globes reported on Wednesday.
El Al reported $626 million revenue in the third quarter of this year, up 21% from the preceding quarter and up 147% from the corresponding quarter of 2021. Revenue was 3% down from the third quarter of 2019, prior to the pandemic, although El Al was then operating five more aircraft.
The potential for further growth is also there. El Al has a fleet of 45 aircraft of which seven are being refurbished. Five of these seven aircraft will enter use during 2023, and the airline also plans leasing or purchasing an additional Boeing 787 Dreamliner.
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