Air Arabia has seen record financial and operational results for the third quarter of the year and first nine months of 2024.
Air Arabia reported a net profit of AED 564 million ($153.5 million) for the third quarter ending September 30, 2024, which is an 8% increase compared to the same period of 2023. The airline achieved a turnover of AED 1.78 billion ($484.6 million), showing an increase of 10% compared to the third quarter of 2023.
From July to September, over 5.1 million passengers travelled with the Air Arabia Group across its operating hubs, reflecting an 8% increase from the 4.7 million passengers carried in the same quarter of the previous year. The airline’s average seat load factor increased by 2%, reaching 81% during the third quarter of the year, underscoring a strong demand in the region.
Commenting on the results, Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, said: “Air Arabia’s record net profit in the third quarter, coupled with strong growth in revenue and passenger demand, is a testament to the strength of the business model we operate and the true value we offer to our customers."
He continued: "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.”
For the first nine month of the year the low-cost carrier posted a net profit of AED 1.25 billion ($340 million), a 5% decline from AED 1.32 billion ($359 million) in the same period last year, however the airline’s turnover rose 12% to AED 4.98 billion ($1.36 billion) when looking at the comparable period of the prior year. Passenger traffic exceeded 14 million across Air Arabia’s hubs, up 13% from the previous year, while the average seat load factor increased by 2 percentage points, reaching 82% for the period.
Additionally, during the first nine months of the year, Air Arabia added 6 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 expanded its network by launching 22 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan.