Air Arabia’s Q3 net profit rises 99% to Dhs416m

 Air Arabia announced record financial results for the third quarter ending September 30, reporting a net profit of Dhs416m, an increase of 99 per cent compared to Dhs209m registered in the corresponding Q3 2021.

In the same period, the airline posted a turnover of Dhs1.6bn, a 100 per cent increase compared to the same quarter of last year. More than 3.9 million passengers flew with the airline between July and September across the carrier’s six hubs in the UAE, Morocco, Egypt and Armenia, an increase of 103 per cent compared to the number of passengers carried in the same quarter last year.

The average seat load factor – or passengers carried as a percentage of available seats – during the third quarter of 2022 stood at an average of 80 per cent.

Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia, said: “Air Arabia’s solid performance in the third quarter of this year reflects the company’s strong operational and commercial strategy, and its underlying commitment to consistently deliver true value to customers. We are glad to witness another record performance supported by the strong passenger demand and rigid cost control measures adopted by the management team.”

During the first nine months ending September 30, Air Arabia registered a net profit of Dhs867m; an increase of 242 percent compared to the same period of last year.

The company reported a turnover of Dhs3.8bn for the first nine months of 2022, an increase of 106 per cent compared to the corresponding period last year.

More than nine million passengers flew with the carrier across its six hubs in the first nine months of 2022, an increase of 118 per cent compared to the same period last year. The average seat load factor – or passengers carried as a percentage of available seats – for the same period stood at a high average of 79 per cent.

During the first nine months of the year, Air Arabia added 10 new aircraft to its fleet and expanded its destination network by launching 14 new routes across its hubs in the UAE, Morocco, Egypt and Armenia.

In other news, Air Arabia has announced the launch of three new routes to Ufa, Yekaterinburg and Kazan in Russia from Sharjah, starting December 1.

Read: Air Arabia launches flights to three cities in Russia