Following the closure of Sde Dov: Israir sells ATR aircraft and acquires AirBus

Airline and Tourism Board


Israir Group
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, Whose shares began trading last week on the Tel Aviv Stock Exchange, decided to make changes to the company’s aircraft fleet. As part of this, the company is working to sell its ATR aircraft, which it owns, and at the same time will receive an AirBus sixth aircraft in number, so that its fleet will consist exclusively of these aircraft.

According to the company’s announcement, an offer has been received for the purchase of the two ATR aircraft it owns, which are valued at approximately $ 12 million, and it is working to complete the negotiations on the subject. If the deal does go through, the company’s aircraft fleet is expected to consist solely of AirBus aircraft. The negotiations are taking place as part of the subsidiary’s deal with the damage to the line to Eilat, among other things due to the closure of Sde Dov. The company’s management believes that the decision may contribute to the efficiency of the operation of its aircraft fleet, since an aircraft fleet consisting entirely of one aircraft type will contribute to the maintenance of the maintenance system, all spare parts will be in favor of one aircraft type.

At the same time, the company reports that it has signed a memorandum of understanding to receive an AirBus A-320 aircraft Friday for its fleet, and it is expected to be absorbed as early as September 2022. Also, Until the second quarter of 2023.

Last week, the company completed an initial public offering in which it raised NIS 25 million, at a value of NIS 244 million. Since the IPO, the share price has soared by over 25% and is now traded at a value of approximately NIS 209 million. Those who benefited most from the IPO were businessmen Rami Levy, the owner of the supermarket chain


Rami Levi
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Rami Levi


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And Shalom Haim, the owners of the Ta’aman company, who together control the company. Who acquired the company for NIS 162 million as part of the IDB Group’s asset collection.

In the first quarter of 2022, Israir presented a return to profitability. The company recorded an improvement in revenue to $ 56.5 million, compared to $ 44.9 million in the previous quarter and $ 11.5 million in the corresponding quarter last year. In addition, revenues from related flight products, including seating, luggage, etc., jumped to about 7% of the company’s total revenues compared to about 3% in 2019. Israir also recorded a gross profit of $ 4.7 million and a bottom line of a net profit of $ 1.77 million – compared to Losses in the previous and corresponding quarter, it also expects continued improvement in the coming quarter in light of the increase in activity in April-May.

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