El Al Israel Airlines Ltd. (TASE:ELAL) has reported strong financial results for the second quarter of 2023. Revenue in the second quarter of 2023 was $630 million, up 22% from $516 million in the corresponding quarter of 2022, and in line with El Al's 2023 revenue forecast of $2.4 billion.
Operating profit in the second quarter of 2023 was $90 million, ten times the operating profit of $9.4 million in the corresponding quarter of 2022. Gross profit was $59 million in the second quarter, up from a gross loss of $17 million in the corresponding quarter last year.
El Al CEO Dina Ben Tal Ganancia said, "After a successful first quarter that represented a good opening point, we are delighted to present record results for the second quarter, which was the second most successful quarter for the company since its IPO. Together with the stabilization of revenue, and the strict streamlining measures during the Covid pandemic, we are on the right path to maintain financial stability and soundness."
She added, "We undertook big measures in the last quarter including the first collaboration agreement of its kind with aviation giant Delta, we entered the SAF (sustainable aviation fuel) world for the first time, completed the retrofit project for the 777 aircraft, and also received after a delay of several years the fleet's 16th Dreamliner. I am proud to present for the first time the five-year business plan, which has been built in a gradual manner and in line with our strategic plan. I believe in this plan and am confident that we will meet the goals we have set for ourselves."
Published by Globes, Israel business news - en.globes.co.il - on August 10, 2023.
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