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EL AL Israel Airlines Ltd. Presented Today its Financial Results for the Second Quarter of 2016 and the First Half of 2016

August 19, 2016 Financial No Comments Print Print Email Email

El Al‘s CEO, David Maimon:

“I am pleased to present an improvement in all operational and financial parameters of the Company, including an increase of about 15% in passenger segments, a growth of about 10% in the volumes of the Company’s operations, a market share increase to 34.2%, as well as growth in revenues and profitability despite the challenging competition and the drop in flight ticket prices.

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We are happy to announce that we have decided to lease another 787-9 Boeing aircraft, thus, in total, the Company will receive 16 new Dreamliners into its aircraft fleet, commencing a year from now.

The FLY CARD credit card continues to serve as a major growth engine, currently with about 170 thousand holders. Recently we signed an agreement with Electra Consumer Products Group, providing unique benefits and enhancing the value for the FLY CARD holders.

We continue to maintain our position in the Israeli aviation industry as a leading and innovative company that offers its customers utmost comfort and technological innovation.

We are delighted to share the Company’s success and improvement of its financial results with our shareholders, and today we announced an additional dividend distribution”.

Dganit Palti, El Al’s CFO, stated:

“We completed the first half of 2016 and the second quarter of the year with a significant improvement in the financial results, mainly due to the growth in operations. The Company’s fuel expenses decreased by about 21%, despite a 10% growth in operations.

The Company’s cash flows from operating activities in the quarter increased to approx. USD 107 million, thus increasing the Company’s cash and deposits balances to a level of USD 264 million.

The financial strength and business condition of the Company allow us to distribute a dividend and implement the Company’s long-term strategy to expand its operations”.

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