Air Arabia has announced record financial and operational results for the third quarter and first nine months of 2024.
Air Arabia reported a net profit of AED564m ($154m) for the third quarter ending September 30, 2024; an 8 per cent increase compared to AED522m ($142m) in the same period of 2023.
The airline achieved a turnover of AED1.78bn ($485m), marking a 10 per cent increase compared to the third quarter of last year.
Air Arabia results
From July to September 2024, over 5.1m passengers travelled with Air Arabia Group across its operating hubs, reflecting an 8 per cent increase from the 4.7m passengers carried in the same quarter of the previous year.
The airline’s average seat load factor, representing the percentage of available seats occupied, by 2 per cent, reaching an impressive 81 per cent during the third quarter of 2024, underscoring the strong demand for Air Arabia’s services.
Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia’s record net profit in the third quarter, coupled with strong growth in revenue and passenger demand, is a testament to the strength of the business model we operate and the true value we offer to our customers.
“The aviation industry continued to face geopolitical and economic challenges in the third quarter, as airlines navigated airspace restrictions in parts of the region, leading to route adjustments and in some cases, flight suspensions.
“Additionally, the industry continued to manage inflationary pressures prompted by the ongoing supply chain challenges, currency fluctuations, and fuel price volatility. Despite these factors, Air Arabia successfully expanded its network, increased operating capacity, and maintained a strong operating margin.
“This achievement highlights the resilience of our business model and the strength of our management team.”
In the first nine months of 2024 (January to September), Air Arabia reported a net profit of AED1.25bn ($340m), reflecting a 5 per cent decrease from the AED1.32bn ($359m) recorded in the same period of 2023.
The airline achieved a turnover of AED4.98bn ($1.4bn), marking a 12 per cent increase compared to the AED4.45bn ($1.2bn) registered in the first nine months of last year.
During this period, over 14m passengers travelled with Air Arabia across its hubs, representing a 13 per cent growth compared to the number of passengers carried in the same period last year.
The airline’s average seat load factor rose by 2 per cent, reaching a strong 82 per cent for the first nine months of 2024.
The airline liquidity for the first nine months of 2024 stood at AED4.9bn ($1.3bn) in cash and cash equivalent.
Al Thani concluded: “Throughout the first nine months of 2024, we maintained a strong commitment to growth across all areas of our business and operations. This included expanding our fleet, introducing new routes, and increasing flight frequencies across each of our operating hubs.
“As we look to the remainder of the year, we remain focused on strategic growth, disciplined cost management, and delivering exceptional value to our customers.”
During the first nine months of the year, Air Arabia added six new aircraft to its modern fleet bringing it to a total of 77 owned and leased Airbus A320 and A321 aircraft.
During the same period, the carrier has expanded its network by launching 22 new routes across its operating hubs in
- UAE
- Morocco
- Egypt
- Pakistan
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