El Al Israel Airlines has reported "unprecedented financial success", with its market capitalisation reaching NIS 3.4bn amid soaring profits in 2024.

Based on current performance trends, the national carrier's pilots are poised to receive bonuses totalling NIS 130mn ($35mn) by year-end, according to an analysis conducted by Globes.

The airline announced in its financial statements for the first six months of 2024 that it generated $292.9mn in pre-tax profits during the period ending June 30, a feat that will trigger a profit-sharing agreement established in 2018.

Under this collective wage agreement, pilots receive an escalating percentage of profits, namely 2% when pre-tax profits exceed $25mn, 4% on profits up to $50mn, and 6% when they surpass $100mn.

The ongoing Middle East conflict involving Israel, Hamas, Hezbollah, and Iran has resulted in numerous international airlines cancelling flights to and from Israel, handing El Al a monopoly over certain routes, particularly between Israel and North America, with Globes reporting that the Israeli national carrier held 46% market share of all flights to and from Israel’s Ben Gurion International Airport.

This financial turnaround marks a stark contrast to El Al's recent history. The carrier posted a modest pre-tax profit of $125mn in 2023, following a $14.4mn loss in 2022.

The airline's dramatic profit surge is attributed mainly to the ongoing conflict, which has led many international carriers to suspend operations in Israel. As a result, El Al has emerged as a de facto monopoly on several routes, commanding a 46% market share of passenger traffic at Ben Gurion airport, according to Globes data.

According to the arrivals flight board from Ben Gurion Airport for October 31, flights from Cyprus Airways, Etihad Airways and Uzbekistan Air landed on time. Flights by US carriers Delta Air Ways and JetBlue Airways arrived, as did flights from Aero Mexico and Aerolineas Argentinas.

El Al’s newfound market dominance, while beneficial for the company's bottom line, will likely be a short-term phenomenon, given that several international airlines have already returned to the Israeli market while others still plan to return, including the likes of Turkish Airlines, which announced that it suspended flights to Tel Aviv until March 2025.

Major international carriers have extended their suspension of flights to Israel well into 2025, with British Airways, Delta, and American Airlines among those announcing extended cancellations through March 2025, leaving El Al as the sole operator of direct US-Israel routes.

The widespread service disruptions, affecting dozens of international carriers, reflect ongoing regional security concerns. British Airways, Delta, and American Airlines have all suspended operations until the end of March 2025, while Dutch carrier Transavia has extended its cancellation period through March 31, 2025.

Several European budget carriers also announced lengthy suspensions, with easyJet halting services until March 29, 2025, and Ryanair cancelling all flights through 2024. Wizz Air has suspended operations until January 14, 2025.

The Lufthansa Group, representing a significant portion of European aviation, has taken a more measured approach, suspending flights only until November 25. This affects services operated by Lufthansa, Swiss, Austrian Airlines, and Brussels Airlines.

However, some carriers have begun resuming operations. FlyDubai has restarted flights, joining a small group of mainly regional airlines that have maintained or resumed service to Israel. These include Etihad Airways, Ethiopian Airlines, and several smaller carriers.

"The varying timelines for flight resumption reflect each airline's individual risk assessment and operational considerations," said [Industry Analyst Name], an aviation consultant.

"The extended suspensions into 2025 suggest carriers are taking a particularly cautious approach."

Air France has announced a potential earlier return, indicating it might resume flights as early as November 5, while KLM plans to reassess the situation at the end of 2024. Meanwhile, Cathay Pacific suspended operations in Asia until March 27, 2025, while Korean Air and Air India indefinitely suspended their services.