Air Arabia releases financial results...

While net profits are down, the fleet and network have grown

Low-cost UAE carrier Air Arabia has released its financial records for the first half of 2024.

Based in Sharjah, the airline, which continues to expand its network, reported a turnover of US$450 million in the second quarter, a 19% increase on the same period in 2023, but the net profit of US$116 million was 7% lower than it was during Q2 2023.

In the first half of 2024, Air Arabia reported a net profit of US$189 million, reflecting a 13% decrease on the same period in 2023.

While net profits were down, passenger numbers were up. Between April and June 2024, more than 4.5 million passengers travelled with Air Arabia Group across its operating hubs, reflecting a 19% increase from the 3.8 million passengers carried in the same quarter of the previous year.

The airline’s average seat load factor — representing the percentage of available seats occupied — rose by 3%, reaching 79% during the second quarter of 2024.

The airline's fleet also increased. During the first half of 2024, Air Arabia added three new aircraft, bringing the total to 77 owned and leased Airbus A320 and A321 aircraft.

During the same period, the carrier has expanded its network by launching 16 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan.

Commenting on the results, Air Arabia Chairman, Sheikh Abdullah Bin Mohammad Al Thani, said: “Throughout the first half of 2024, Air Arabia remained steadfast in executing its expansion plan by expanding fleet size, launching new routes, and increasing flight frequencies across all operating hubs.

“As we navigate the remainder of the year, we remain committed to driving business growth, seizing new opportunities, and reducing costs, all while continuing to deliver exceptional value to our customers.”

For more information, visit www.airarabia.com

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