El Al Airlines to make new planes choice in a few weeks, CFO says

El Al Israel Airlines is expected to make a long-awaited decision on a order of around 30 short haul aircraft in "a few weeks", Chief Financial Officer Yancale Shahar said on Wednesday.

Israel's flag carrier, which has always bought from Boeing , will decide between the Boeing 737Max and Airbus A320 family, Shahar told Reuters.

El Al, which was heavily in deficit before the Covid pandemic, has managed to recover significantly since then.

The airline has seen substantial profits due to its monopolistic position on certain routes, a significant increase in ticket prices, and the lack of competition from Tel Aviv because of the conflict in Gaza.

The Israeli carrier reported profit of $80.5 million in the first quarter of 2024 compared with a net loss of $34.4 million in the corresponding quarter of 2023. 

The first quarter financial results were the best ever financial results in a single quarter in the company's history. $80.5 million represents two thirds of the net profit for full year 2023, which was one of the best years in the company's history.