Sharjah-based Air Arabia has announced record financial and operational results for the second quarter and first half as the airline continues to demonstrate remarkable performance and growth.
One of the largest low-cost carrier operator in the Mena region, Air Arabia said its net profit for the three-month period ended June 30, 2023, surged by 187 per cent to hit AED459 million ($125 million) from last year’s figure of AED160 million ($43.5 million).
The second quarter net profit also included an exceptional one-off receivable that the airline received from one of its suppliers, it stated.
The company’s turnover for the same period increased by 25 per cent as the strong demand for air travel continued, registering an AED1.39 billion ($344 million), compared to AED1.11 billion ($302 million) in the corresponding period last year, it added.
Air Arabia pointed out that more than 3.8 million passengers flew between April and June 2023 across the carrier’s seven hubs, thus registering a 37 per cent jump in the numbers compared to the same quarter last year.
The airline’s average seat load factor during the second quarter stood at an average of 76 per cent
Unveiling its first half results, the Sharjah budget airline said the net profit soared to AED801 million, up 78 per cent when compared to AED451 million last year, while its turnover soared to AED2.82 billion, thus registering a 26 per cent growth over AED2.24 billion last year.
During the six-month period ended June 30, 2023, the carrier flew more than 7.7 million passengers across the carrier’s seven hubs, thus posting an increase of 47 per cent when compared to the same period last year.
The airline’s average seat load factor (passengers carried as a percentage of available seats) stood at an average of 81 per cent, it added.
Chairman Sheikh Abdullah Bin Mohamed Al Thani said: “Air Arabia’s strong performance in the second quarter of this year is a testament to the resilience and effectiveness of the business model we operate. Our steady performance in the first quarter continued to the second quarter underlining the consistency of our growth strategy and operational excellence.”
“Our team’s dedication continues to drive sustained momentum across our businesses, and we are steadfast in our commitment to continue delivering exceptional value to our customers,” he stated.
“Throughout the first half of 2023, Air Arabia remained committed to its strategic expansion plan by strengthening the fleet size, adding new routes and new frequencies across all seven operating hubs. Our organic approach of network expansion not only strengthened our connectivity but has also unlocked new opportunities for our passengers,” he added.
Al Thani said: “Despite a changing macroeconomic and geo-political environment that we continue to witness, we remain focused on driving profitability and maintaining efficiency across the breadth of our operations, supported by prudent financial and cost control measures taken by the management team.”
“We remain confident in our ability to drive growth while providing our passengers with the best value-driven travel deals,” he added.
During the first half of the year, Air Arabia said it had added three new aircraft to its modern fleet bringing it to a total of 71 owned and leased Airbus A320 and A321 aircraft.
Also, the carrier has expanded its network by launching 18 new routes across its seven operating hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan.
