El Al Soars Amid Regional Flight Disruptions

El Al Israel Airlines has achieved record profits due to its dominant position in the market following flight cancellations by other carriers amidst regional conflicts. Despite criticism of price increases, the airline has seen a significant rise in net profits and passenger load factors.

El Al Israel Airlines reported a record quarterly profit and revenue performance, driven by its near-sole market presence as overseas carriers suspended services due to regional conflicts. The airline's strategy has led to criticisms of price hikes against the backdrop of the ongoing crisis.

Taking advantage of halted flights from major U.S. and European airlines, El Al now plans to maintain open skies between Israel and the globe. CEO Dina Ben-Tal Ganancia explained that rising fares are a global phenomenon, with El Al's prices increasing 16% amid high demand and limited capacity.

While the airline managed a $187 million net profit compared to $52 million last year, its revenue surged 44% to $1 billion. Despite operating in crisis mode, El Al is expanding, signing major aircraft deals and exploring ventures like insurance and credit cards to bolster its core aviation business.

(With inputs from agencies.)