El Al Israel Airlines has reported a nearly five-fold jump in net profit in 2024, benefiting from being one of very few carriers serving Tel Aviv after foreign airlines halted flights during Israel’s war against militant group Hamas in Gaza.

El Al, Israel’s flag carrier, announced that it earned $545 million last year, up from $117 million in 2023, as revenue rose 37 per cent to $3.4 billion.

In the fourth quarter, El Al earned net profit of $130 million, up from $40 million a year earlier, with revenue up 26 per cent to $851 million.

El Al has faced criticism from customers in Israel and abroad for price-gouging since the Gaza war, triggered by the Hamas attacks on Israel in October 2023. But El Al said the average fare per passenger rose 14 per cent over 2023.

The airline’s load factor rose to 94 per cent in 2024 from 86 per cent in 2023, driving up its revenue per available seat by 24 per cent.

El Al set a 2030 target for revenue of $4 billion and to serve 7.6 million passengers a year at Tel Aviv’s Ben Gurion International Airport, for a 25 per cent market share.

Foreign airlines have begun to return to Ben Gurion after a ceasefire deal between Israel and Hamas in January.

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