Air Arabia Reports Record Profit in Q3

Forex - Air Arabia (PJSC), the largest low-cost airline in the Middle East and North Africa, has announced record financial and operational results for the third quarter and the first nine months of 2024.

In the third quarter of 2024, Air Arabia achieved a net profit of 564 million AED, representing an 8% increase compared to the same period in 2023. The airline generated a revenue of 1.78 billion AED, marking a 10% rise from the same quarter last year. During the period of July-September 2024, Air Arabia Group transported over 5.1 million passengers across its operating centers, which signifies an 8% increase compared to 5.1 million passengers carried in the same quarter of the previous year. The airline's seat load factor rose to 81%, reflecting strong demand for its services.

Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, commented on these results stating, "Our record net profit in the third quarter and the strong increase in passenger demand are a testament to the strength of our business model and the real value we provide to our customers."

In the first nine months of 2024, Air Arabia recorded a net profit of 1.25 billion AED, which is a 5% decrease compared to the same period in 2023. Revenue increased to 4.98 billion AED, representing a 12% growth compared to the previous year. During this period, the airline carried 14 million passengers across its hubs, which signifies a 13% increase year-on-year, and the seat load factor increased to 82%.

Fleet and Network Expansion

In the first nine months, Air Arabia added 6 new aircraft to its fleet, reaching a total of 77 Airbus A320 and A321 planes, and expanded its flight network by launching 22 new routes in the UAE, Morocco, Egypt, and Pakistan.