Air Arabia posts Dhs266m net profit
SHARJAH: Air Arabia, the first and largest lowcost carrier (LCC) operator in the Middle East and North Africa, today reported a strong first quarter 2024 financial and operational results, as the airline continued to expand its network and further strengthening its leadership position in the market.
Air Arabia reported a net profit of Dhs266 million for the first three months ending March 31, 2024; 22 per cent lower than the Dhs342 million registered in the corresponding quarter in 2023. In the same period, the airline posted a turnover of Dhs1.54 billion, an 8 per cent increase compared to the first quarter of last year. More than 4.4 million passengers flew with Air Arabia Group between January and March 2024 across the carrier’s operating hubs, an increase of 13 per cent compared to a total of 3.9 million passengers carried in the first quarter of last year, while the airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2024 stood at an impressive 85 per cent.
Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia’s strong financial results achieved in the first three months of this year reflect our unwavering dedication to operational excellence and our commitment to continuously delivering value-driven product to our customers”. He added: “Despite the ongoing economic and geo-political uncertainty, seasonality impact on our business, fuel price volatility along with currency fluctuation and supply chain challenges, 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.”