El Al Israel Airlines has reported a record quarterly profit and revenue in its third-quarter earnings.
The airline's net profit was up 8% to $203 million, while profit was before tax was also up 8% to $265 million. This was supported by improvements in its costs, as well as other income, with a net of around $5.2 million.
EBITDAR for the quarter was stable compared to last year, down 1% to $357 million. The lack of growth was attributed to negative currency exchange impacts and also a decrease in cargo activity.
Revenue climbed 7% to $1.1bn for the quarter, supported by a 3% increase in revenue passenger kilometres (RPK) and unit revenues increasing 4%.
The airline's capacity was up 3% and its load factor increased 1.5 percentage points to 95.3%.
The third-quarter report also marks the conclusion of Yancale Shahar's role as the airline's CFO. Shahar announced his retirement earlier this year.
“It’s a privilege to retire at the peak, closing a record quarter for EL AL and marking my final financial report as an executive and CFO," said Shahar.
"After 20 incredible years with this company, this moment allows me to look back with pride on the remarkable journey we’ve taken together.”
El Al's current deputy CFO, Gil Feldman, will succeed Shahar from December 1. Feldman also serves as the company's head of budget and economics, having joined the company at the end of 2020.
The airline's CEO Dina Ben Tal Ganancia will also step down at the end of this year. She will be succeeded by Levy Halevy — former CEO of credit card company ICC-CAL.