Air Arabia 9-month profits soar to all-time high $360m

Air Arabia, the Middle East & North Africa’s first and largest low-cost carrier operator, has announced an all-time record AED1.32b ($359.39m) net profit the first nine months ending September 30, 2023, an increase of 53% compared AED867m in the same period last year. The revenues for the first nine months increased by 16% reaching an impressive AED4.45b compared to AED3.84b for the same period of 2022. Air Arabia also reported record profitability of AED522m for Q3 ending September 30, 2023, an increase of 26% compared to the same period last year, while revenue for the third quarter 2023 reached an impressive AED1.63b. The low-cost carrier carried 12.4m passengers in the nine months to September 2023, compared to 9.1m passengers in the same period of 2022. Seat load factor hit 80%, an increase of 2%. The airline has AED4.9b in cash and cash equivalent, the statement said. Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “Air Arabia maintained its robust growth in the first nine months of this year by expanding operations across its seven operational hubs and introducing new routes to enhance the carrier’s global network. The increase in capacity during this period was complemented by an impressive surge in passenger numbers, reaching a total of 12.4m, and marking a remarkable 36% increase compared to the first nine months of last year. Air Arabia remains unwavering in its commitment to diversify and expand its business, while simultaneously investing in innovative products that aim to enhance every aspect of our customers' journey."<br/>