State aid for airlines - the story so far
30th March 2020
Air Arabia reported a strong first quarter 2023 financial and operational result as the airline continues to expand its network and strengthen its leadership position in the market.
Air Arabia reported a net profit of $93.12 million for the first three months ending March 31, 2023, an increase of 17% compared to Dh. 291 million registered in the corresponding quarter in 2022. In the same period, the airline posted a turnover of Dh. 1.42 billion, a 27% increase in turnover compared to the Q1 of 2022.
The Air Arabia Group flew over 3.9 million passengers between January and March 2023 across its seven operating hubs in UAE, Morocco, Egypt, Armenia and Pakistan, an increase of 59% compared to a total of 2.4 million passengers in Q1 of 2022.
Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman, 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.”
“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,” he added.
In Q1 of 2023 the airline added nine new routes to its global network. The airline operates a fleet of 68 Airbus A320 and A321 aircraft.