Sunday, July 14, 2024

Air Arabia’s Q1 net profit surges 17pc to hit $93m

Air Arabia, a leading low-cost carrier operator in the Mena region, has reported a net profit of AED342 million ($93 million) for the first quarter (Q1) of 2023, an increase of 17 per cent compared to AED291 million registered in Q1 2022.

In the same period, the airline posted a turnover of AED1.42 billion, a 27 per cent increase in turnover compared to the first quarter of last year.

Air Arabia’s strong performance in the first quarter of 2023 reflects the airline’s ability to constantly deliver solid performance while navigating through challenging trading environments. More than 3.9 million passengers flew with Air Arabia Group between January and March 2023 across the carrier’s seven operating hubs in the UAE, Morocco, Egypt, Armenia and Pakistan, an increase of 59 per cent compared to a total of 2.4 million passengers carried in the first quarter of last year.

The airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2023 stood at an impressive 85 per cent, up 8 per cent compared to the same period last year.

Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia’s strong financial results in the first three month of this year reflects our unwavering commitment to operational excellence, rigid cost control measures, and our prudent management team. Despite the ongoing global economic and geo-political uncertainty, our focus on driving profitability and maintaining an efficient operation has enabled us to deliver solid financial and operational results.

“We are confident in our ability to navigate through market challenges and capitalize on new opportunities, while ensuring we continue to deliver the best value for our customers and shareholders.”

He added: “We remain steadfast in our growth plans; we will continue to build on our strengths and explore new opportunities that will enable us to further expand the reach of our value-driven product and thus, enabling more customers and communities to benefit from our affordable and reliable air travel offering.”

Air Arabia added 9 new routes to its global network from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan during the first three months of 2023, serving passengers with its modern fleet of 68 new Airbus A320 and A321 aircraft.

In January, Air Arabia was marked among the top 20 safest low-cost airlines as per Airline Rating 2023 and was awarded “Low-Cost Airline of the year” at Aviation Achievement Awards 2023 in March. As part of its commitment to giving back to the community, Air Arabia has also organized its latest CSR initiatives “Towards Greener Future” which focused on making a tangible positive impact on the environment.

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