Air Arabia reports net profit of Dhs342m for Q1 2023

Sharjah-based airline Air Arabia has reported a strong first quarter in both financial and operational terms. The carrier announced a net profit of Dhs342m for the period ending March 31.

This marks a 17 per cent increase compared to the Dhs291m profit recorded in the same quarter in 2022.

Additionally, the airline’s turnover for the period was Dhs1.42bn, marking a 27 per cent increase compared to the first quarter of last year.

Air Arabia Q1 2023 highlights

More than 3.9 million passengers flew with Air Arabia Group between January and March across its seven hubs in the UAE, Morocco, Egypt, Armenia and Pakistan.

This reflects a rise of 59 per cent compared to a total of 2.4 million passengers carried in the first quarter of last year.

Air Arabia reports strong first quarter net profit of AED 342 million, up 17% compared to same quarter last year and a turnover of AED 1.42 billion while carrying more than 3.9 million passengers across its seven hubs. Read more https://t.co/Ve6Z5RMi4v pic.twitter.com/uP9u23W7xo

— Air Arabia (@airarabiagroup) May 8, 2023

The airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2023 was 85 per cent, up 8 per cent compared to the same period last year.

Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, said, “Air Arabia’s strong financial results in the first three month 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 capitalise on new opportunities, while ensuring we continue to deliver the best value for our customers and shareholders.”

He added, “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.”

Air Arabia added nine new routes to its global network from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan during the first three months of 2023.

The carrier operates a fleet of 68 new Airbus A320 and A321 aircraft.

In January, Air Arabia was marked among the top 20 safest low-cost airlines as per Airline Rating 2023.