In 2018, the company’s revenue was $7.7 billion with a net loss of $187.55 million. In July 2020, having lost hundreds of millions of dollars due to grounded flights and layoffs as a result of the COVID-19 pandemic in Israel and abroad, the company reached a bailout deal with the government, and a private buyer purchased a controlling stake (42.85%) in September of that year, with the government purchasing any unwanted shares (15%).
El Al flights to Cairo were inaugurated in April 1980, following the Israel–Egypt Peace Treaty. In late 1982, after a long period of labor disputes and strikes, El Al operations were suspended. The government appointed Amram Blum to run the company, which lost $123.3 million in the fiscal year ending April 1983. The airline also sold its stake in Arkia at this time.
