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Air Arabia Q3 net profit surges 99% to Dh416 million

First nine months 2022 net profit increases 242% reaching Dh867 million as 14 new routes launched

Air Arabia, the Middle East & North Africa’s first and largest low-cost carrier operator, on Wednesday announced record financial results for the third quarter ending September 30, 2022, as the carrier continue to deliver solid operational and financial performance.

The Sharjah-based airline reported a net profit of Dh416 million for the three months ending September 30, 2022; an increase of 99 per cent compared to Dh209 million registered in the corresponding third quarter of 2021. In the same period, the airline posted a turnover of Dh1.6 billion, a 100 per cent increase compared to the same quarter of last year.

More than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs in the UAE, Morocco, Egypt and Armenia, an increase of 103 percent compared to the number of passengers carried in the same quarter last year. The average seat load factor – or passengers carried as a percentage of available seats –during the third quarter of 2022 stood at an impressive average of 80 per cent.

Sheikh Abdullah bin Mohamed Al Thani, chairman of Air Arabia, said Air Arabia’s solid performance in the third quarter of this year reflects the company’s strong operational and commercial strategy, and its underlying commitment to consistently deliver true value to customers.

"We are glad to witness another record performance supported by the strong passenger demand and rigid cost control measures adopted by the management team,” he said.

He said Air Arabia maintained its robust growth in the first nine months of this year by launching the operations of its joint venture airline in Armenia as well as adding new routes and flights across the carrier’s global network.

"Air Arabia remains focused on diversifying and expanding its business, while investing in product innovation and adopting further measures to control costs,” he said.

9-month profit surges 242%

During the first nine months ending September 30, 2022; Air Arabia registered a net profit of Dh867 million; an increase of 242 per cent compared to the same period of last year. The company reported a turnover of Dh3.8 billion for the first nine months of 2022, an increase of 106 percent compared to the corresponding period last year.

More than nine million passengers flew with the carrier across its six hubs in the first nine months of 2022, an increase of 118 per cent compared to the same period last year. The average seat load factor – or passengers carried as a percentage of available seats – for the same period stood at a high average of 79 per cent.

“While we continue to witness a strong recovery in air travel, the aviation industry continues also to face many geo-political challenges and economic uncertainty. Despite these challenges, we have full confidence in the business model we operate, as we remain focused on driving operational efficiency across board and delivering optimum value to our customers,” Al Thani concluded.

During the first nine months of the year, Air Arabia added 10 new aircraft to its fleet and expanded its destination network by launching 14 new routes across its hubs in the UAE, Morocco, Egypt and Armenia.

In June, “Fly Arna” celebrated the launch of its operations and today operates a fleet of 2 Airbus A320 aircraft serving 5 destinations from Yerevan.

In September, Air Arabia has announced its latest joint venture to launch “Air Arabia Sudan”, in partnership with DAL Group.

In October, “Fly Jinnah”, the carrier’s joint venture company in Pakistan, has received its Air Operator Certificate and Air Operating License and in November, it started its domestic operations across five destinations in Pakistan.

In July, Air Arabia Abu Dhabi celebrated its successful second year of operations serving over 1 million passengers since it started its operations from Abu Dhabi International Airport.

During the same period, Air Arabia was also awarded the “Four-Star Low-Cost Carrier 2022” rating by APEX - The Airline Passenger Experience Association.

— business@khaleejtimes.com