Low-cost carrier Air Arabia has reported a revenue of AED 3.19 billion ($868.3million) during the first half of the year, up 13% compared to the same period of 2023. The airline saw a decrease in net profit which was down 13% compared the same period last year to a total of AED 693 million ($188.6 million).
The airline served a total of 8.9 million passengers across all hubs which is an increase of 16% when compared to traffic data from 2023. Similarly, seat load factor also increased seeing a rise of 1% to a total of 81%.
“Throughout the first half of 2024, Air Arabia remained steadfast in executing its expansion plan by expanding fleet size, launching new routes, and increasing flight frequencies across all operating hubs,” said Abdullah Bin Mohammad Al Thani, chairman of Air Arabia. “As we navigate the remainder of the year, we remain committed to driving business growth, seizing new opportunities, and reducing costs, all while continuing to deliver exceptional value to our customers.”
During the half, Air Arabia added three new aircraft to its 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 16 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan.
The airline's liquidity for the first half of 2024 stood at AED 4.8 billion ($1.3 billion) in cash and cash equivalent.
As well as looking at the first half, the airline also reported financial and operating data specifically from the second financial quarter of the year.
Air Arabia has reported a revenue of AED 1.65 billion ($449.1 million) during the second financial quarter of the year, up 19% compared to the second quarter of 2023. The airline saw a decrease in net profit which was down 7% compared to the same quarter last year to a total of AED 427 million ($116.2 million).
Between April and June of this year, over 4.5 million passengers travelled with the Air Arabia Group across its operating hubs. This reflected a 19% increase from the 3.8 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 - rose by 3%, reaching 79% during the second quarter of 2024.
Al Thani added further: ""Despite the robust passenger demand, the aviation industry continued to experience slower yield growth and rising costs during the second quarter of this year, driven by economic and geopolitical uncertainties, currency fluctuations, fuel price volatility, and supply chain disruptions that have led to increased inflationary pressures.”