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Air Arabia reports record third quarter net profit of Dh564 million, up 8%

First nine months 2024 revenue increases 1 % exceeding Dh4.98 billion

Air Arabia (PJSC), the Middle East and North Africa's first and largest low-cost carrier (LCC) operator, on Monday reported a net profit of Dh564 million for the third quarter ending September 30, 2024; an eight per cent increase compared to Dh522 million in the same period of 2023.

The airline achieved a turnover of Dh1.78 billion, marking a 10 per cent increase compared to the third quarter of last year. From July to September 2024, over 5.1 million passengers traveled with Air Arabia Group across its operating hubs, reflecting an 8 per cent increase from the 4.7 million passengers carried in the same quarter of the previous year.

The airline’s average seat load factor — representing the percentage of available seats occupied — increased 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: “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 Dh1.25 billion, reflecting a five per cent decrease from the Dh1.32 billion recorded in the same period of 2023. The airline achieved a turnover of Dh4.98 billion, marking a 12 per cent increase compared to the Dh4.45 billion registered in the first nine months of last year.

During this period, over 14 million passengers traveled 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 DH4.9 billion in cash and cash equivalent.

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 the UAE, Morocco, Egypt, and Pakistan.