Air Arabia has reported a first quarter 2024 net profit of AED 266 million (US $72.4 million) on an 8.0 percent year-over-year increase in revenue to AED 1.54 billion (US $419.3 million).
On Monday (May 13, 2024), Air Arabia (PJSC) reported their first quarter financial results for the period ending March 31, 2024. The carrier reported a first quarter net profit of AED 266 million (US $72.4 million) on an 8.0 percent revenue increase compared to Q1 2023 to AED 1.54 billion (US $419.3 million). Over the period, Air Arabia carried 4.4 million guests, a year-over-year increase of 13 percent, with an 85 percent average load factor. At March 31, 2024, Air Arabia had cash and cash equivalents totaling AED 5.0 billion (US $1.36 billion).
In Monday’s announcement, Air Arabia’s Chairman, Sheikh Abdullah Bin Mohammad Al Thani, said,
“Air Arabia’s strong financial results achieved in the first three months of this year reflect our unwavering dedication to operational excellence and our commitment to continuously delivering value-driven product to our customers. Despite the ongoing economic and geo-political uncertainty, seasonality impact on our business, fuel price volatility along with currency fluctuation and supply chain challenges, 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.
“As we navigate the current geo-political challenges and the prolonged supply chain disruptions that the global aviation industry continues to face, we remain steadfast in our growth plans for 2024, building upon the strength of the business model we operate. We are confident about the prospects of the low-cost travel industry while we continue exploring new opportunities that will allow us to expand the reach of our value-driven product to a broader customer base.”
During the first quarter, Air Arabia added two new routes from their UAE operating hubs, including service to Morocco, Egypt and Pakistan.
Founded in 2003, Air Arabia is the leading low-cost carrier servicing the Middle East and North Africa (MENA) region. The carrier operates a modern fleet of 74 Airbus A320 and A321neo aircraft from seven hubs in the UAE, Morocco, Egypt, Armenia and Pakistan. The award-winning airline offers comfort, reliability and low-cost air travel. Air Arabia’s fleet is also equipped with ‘SkyTime’, a free inflight streaming service. Customers can also enjoy a wide range of snacks, meals and sandwiches from the onboard ‘SkyCafe’ menu at affordable prices. Air Arabia Abu Dhabi launched service from Abu Dhabi International Airport in July 2020 and currently offers service to around 30 destinations. Air Arabia (PJSC) is listed on the Dubai Financial Market.
Source: Air Arabia
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