Last updated: 10:42 AM ET, Fri August 07 2015

El Al Announces Largest Aircraft Acquisition Plan

Airlines & Airports | Rich Thomaselli | August 07, 2015

El Al Announces Largest Aircraft Acquisition Plan

Fresh off net profit of $17.3 million in Q2, El Al Israel Airlines will purchase and lease 15 widebodies from Boeing starting in 2017.

The planes will be a combination of 787-8 and 787-9 Dreamliner aircraft with the option to purchase 13 additional aircraft.

"This move is expected to constitute a significant step forward in the optimization of the network of routes, passenger service and the overall flight experience,” said El Al CEO David Maimon. “We shall preserve our position as the first choice in flying to and from Israel and offer customers maximum comfort, technological innovations and quality service. I am convinced that this move is a great opportunity to meet the high standard expected of us and continue the momentum of El Al innovation.”

El Al Vice President and General Manager, North and Central America, Shmuel Kuzi said that during the next five years these aircraft are designated to fly roundtrip from New York (JFK/Newark), Boston and Toronto to Israel and will replace the existing 747-400 and 767 fleet.

El Al launched the only nonstop flights between Boston and Israel in June of this year.

Regarding the positive 2015 second-quarter financial results, El Al earned a net profit of $17.3 million. In accordance with the resolution of the board of directors, for the first time in years, El Al declared to distribute dividends totaling approximately $24.7 million. Profit before tax in the second quarter amounted to approximately $23.6 million, and revenues totaled about $510.6 million compared to $571.5 million last year.

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