Air Arabia has reported a record second quarter net profit of AED 459 million (US $125) million, a year-over-year profit increase of 187 percent. The carrier’s Q2 revenue increased by 25 percent versus the same period last year to AED 1.39 billion (US $378.4 million).
On Friday (August 11, 2023), Air Arabia reported their second quarter financial results for the period ending June 30, 2023. The carrier reported a record second quarter net profit of AED 459 million (US $125 million) on a 25 percent year-over-year increase in revenue to AED 1.39 billion (US $378.4 million). During the first half of the year, over 7.7 million passengers flew with Air Arabia across the carrier’s seven hubs, an increase of 47 percent compared to the first half (H1) of 2022.
In Friday’s announcement, Air Arabia’s Chairman, Sheikh Abdullah Bin Mohamad Al Thani, said,
“Air Arabia’s strong performance in the second quarter of this year is a testament to the resilience and effectiveness of the business model we operate. Our steady performance in the first quarter continued to the second quarter underlining the consistency of our growth strategy and operational excellence. Our team’s dedication continues to drive sustained momentum across our businesses, and we are steadfast in our commitment to continue delivering exceptional value to our customers.
“Throughout the first half of 2023, Air Arabia remained committed to its strategic expansion plan by strengthening the fleet size, adding new routes and new frequencies across all seven operating hubs. Our organic approach of network expansion not only strengthened our connectivity but has also unlocked new opportunities for our passengers.
“Despite a changing macroeconomic and geo-political environment that we continue to witness, we remain focused on driving profitability and maintaining efficiency across the breadth of our operations, supported by prudent financial and cost control measures taken by the management team. We remain confident in our ability to drive growth while providing our passengers with the best value-driven travel deals.”
During H1 2023, Air Arabia added three new aircraft, expanding their fleet to a total of 71 owned and leased Airbus A320 and 321 aircraft. The carrier also added 18 new routes during the first six months of the year across their seven operating hubs in the UAE, Morocco, Egypt, Armenia 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 71 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