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Air Arabia Reports First Quarter Net Profit of $93.1 Million on 27 Percent Revenue Increase to $386.

Air Arabia has reported a first quarter net profit of AED 342 million or (US $93.1 million) on a year-over-year increase in revenue of 27 percent to AED 1.42 billion (US $386.7 million).

Air Arabia Airbus A321 - Courtesy Air Arabia

On Monday (May 8, 2023), Air Arabia announced their financial results for the first quarter for the period ending March 31, 2023. The Group reported a first quarter net profit of AED 342 million (US $93.1) million, a 17 percent increase in profit compared to Q1 2022. Air Arabia’s Q1 revenue increased year-over year by 27 percent to AED 1.42 billion (US $386.7 million). During the first quarter, the Group’s airlines carried over 3.9 million guests across their seven operating hubs in the UAE, Morocco, Egypt, Armenia and Pakistan, up 59 percent versus Q1 2022. The airline’s first quarter 2023 average load factor was 85 percent, an 8.0 percent improvement over the same period last year.

In Monday’s announcement, Air Arabia’s Chairman, Sheikh Abdullah Bin Mohammed Al Thani, said,

“Air Arabia’s strong financial results in the first three months 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.”

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 68 Airbus A320 and A321 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 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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