El Al: Dividend was declared for Shareholders

The board decided on the dividend on the basis of El Al’s liquidity situation, improved profits and cash flow. The total payout will be slightly more than $9 million
 
The board of El Al Israel Airlines Ltd. declared last week its first-ever dividend. The decision is a reversal of a previous ( 2005 ) policy not to declare pay-outs.
 
In a press release the company noted that the board decided on the dividend on the basis of El Al’s liquidity situation, improved profits and cash flow through efficiency moves and a rise in air fares and due to reduction in surplus deficit balance.
 
The dividend will amount to seven agorot a share and the total payout will be slightly more than $9 million (NIS 37.2 million). The dividend amounts to 5.98% of El Al’s issued and paid-up capital It will be paid on October 29 to those holding shares as of October 18.
 
El Al said that the board would review the airline’s dividend policy in the near future.