Air Arabia reports H1 net profit of AED 693 million

SHARJAH: Air Arabia, the largest low-cost carrier in the Middle East and North Africa, announced strong financial and operational results for the second quarter and first half of 2024. Despite a 7% drop in net profit to AED 427 million for the second quarter compared to the same period in 2023, the airline saw a 19% increase in turnover, reaching AED 1.65 billion. Over 4.5 million passengers flew with Air Arabia during this period, a 19% rise from the previous year, with a seat load factor of 79%, up by 3%.

For the first half of 2024, Air Arabia reported a net profit of AED 693 million, a 13% decrease from the same period in 2023. However, turnover grew by 13%, reaching AED 3.19 billion. The airline carried over 8.9 million passengers during this time, reflecting a 16% increase, with an average seat load factor of 81%.

Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, attributed the solid profits to strong passenger demand and revenue growth. Despite challenges like rising costs and economic uncertainties, Air Arabia’s business model proved resilient.

In the first half of 2024, Air Arabia expanded its fleet by adding three new aircraft, bringing the total to 77 Airbus A320 and A321 planes. The airline also launched 16 new routes across its hubs in the UAE, Morocco, Egypt, and Pakistan. Additionally, Air Arabia ranked third worldwide in operating margin by ‘Airline Weekly.’

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The airline’s liquidity stood at AED 4.8 billion. Air Arabia also fully implemented biodegradable in-flight service items and made all food packaging 100% recyclable, highlighting its commitment to environmental sustainability.