Flag carrier El Al Israel Airlines has reported a net profit of $106.5m for 2015 compared to the $28m loss it posted for the previous year.
The Tel Aviv-based airline’s operating expenses fell 12 per cent to $1.6bn last year, owing to a 32 per cent reduction in fuel spending.
Passenger numbers also increased year-on-year by eight per cent while capacity levels stood at 82.6 per cent.
However, full-year revenues decreased slightly by one per cent to 2bn, citing a decline in income from passenger and cargo flights.
David Maimon, EL AL's CEO, said the airline’s “dramatic improvement” in areas such as operating efficiency and reduced fuel costs were significant factors behind the carrier’s record annual results.