Photo: Israir Israir concludes the year 2024 with record results by every measure, marking the best year in the company’s history under the leadership of CEO Uri Sirchis.
Amid a slowdown in activities of foreign airlines due to the war and while grappling with a changing and dynamic market, Israir managed to leverage the business situation optimally and achieve historic highs in numerous parameters.
Record financial results for the company:
Growth in passenger traffic and fleet expansion
In 2024, Israir flew approximately 1.46 million passengers from Ben Gurion Airport, compared to about 1 million passengers in 2023, a rise of about 46%. The company aims to reach 1.8 million passengers by 2025, an increase of about 25%. In the fourth quarter alone, the airline carried a record 425 thousand passengers - a growth of 2.5 times compared to the same quarter last year.
During the quarter, Israir operated 12 airplanes, compared to only 6 in the same quarter last year. This is part of the fleet expansion, including the purchase of three Airbus A320 aircraft at a total cost of about 60 million dollars, of which three were acquired in less than a year.
Improvement in every parameter – also in the fourth quarter
Ancillary products and cross-border activity
Sales of ancillary products reached a high of 14 million dollars this quarter, nearly three times as much as last year. Revenue from ancillary products doubled during the year, with an average increase of 45% in the vacation product basket.
Israir has also significantly expanded its international operations: about 5,400 international flights – a 40% increase over the previous year. The order book as of March 23, 2025 stands at a record of 216 million dollars - 130 million dollars higher than last year.
Strategic agreements and support for growth
During the year, the company completed a series of strategic transactions including:
Operational efficiency and cautious growth in workforce
The number of employees at the company increased by 20% in 2024, mainly due to the recruitment of flight crews to operate new aircraft. However, the company maintained operational stability while considering the reserve service provided by about 10,000 reserve days from its employees - equivalent to about 35 full-time positions, accounting for about 7% of the company’s workforce. Excluding these positions, and excluding an increase of approximately 52 positions for flight crews, which were recruited to operate 2 additional aircraft, the number of company employees remained almost unchanged.
Uri Sirkis, CEO of Israir: "Record Year Thanks to Strategy, Flexibility, and Determination"
According to Uri Sirkis, CEO of Israir Group: "2024 was a record year for the group’s results achieved thanks to numerous significant strategic moves including investment in technology, diversifying risks through subsidiaries, alongside acquiring and expanding the fleet, and mainly strengthening demand for the company’s products. Growth in revenues from ancillary products and the implementation of the ALTEA system led to an improvement of about 2 million dollars in revenues at the company’s international stations. The agreement with Issta, the expansion of international operations, and the increase in activity volume have created long-term financial resilience. We are proud of these achievements, which position Israir as a leading, stable airline demonstrating commercial fairness .
We would like to thank the 500 dedicated employees of the company, who have led Israir to a record year across a wide range of parameters this year".
IsrairPlans to Distribute Dividends
Israir notes that following the government decision in December 2024, which states that there will be a change in the participation rate of Israeli companies in the expenses of Israeli aviation security.
As a result of this decision, it seems that the Treasury intends to ease approval for dividend distribution, which Israeli companies were required to limit due to government support during the coronavirus period. "In light of the improvement in profitability and cash flow of Israir Group, the company intends to consider adopting a dividend distribution policy this year, which will take into account, among other things, existing restrictions imposed by the company’s funders, procurement plans, investments, and more. The company will continue to work to expand its operations and strengthen its position as a leading, independent, and innovative Israeli airline".
