Air Arabia announced record financial results for the third quarter and first nine months of 2024. Despite global challenges, the low-cost airline achieved substantial profitability and expansion across its operations.
Q3 2024: Record Profit and Increased Demand
For the third quarter ending Sept. 30, 2024, Air Arabia reported a net profit of AED 564 million, an 8% increase compared to AED 522 million in Q3 2023. Revenue for the quarter rose by 10% to AED 1.78 billion, up from AED 1.62 billion during the same period last year.
Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, attributed the airline’s success to its customer-centric approach and robust operations.
“This record profit reflects the value we offer to customers and the strength of our operational model. Despite geopolitical challenges, inflationary pressures, and fuel price volatility, we’ve successfully expanded our network, increased capacity, and maintained a strong operating margin,” he said.
Sustained Performance
In the first nine months of 2024, Air Arabia reported a net profit of AED 1.25 billion, a slight decrease from AED 1.32 billion during the same period in 2023. However, revenue surged by 12% to AED 4.98 billion, compared to AED 4.45 billion in the previous year.
Passenger numbers increased to over 14 million during the nine months, a 13% year-on-year growth, with an average seat load factor of 82%, up from 80% in 2023.
Fleet and Network Expansion
The carrier continued to expand its fleet, adding six new Airbus A320 and A321 aircraft in 2024, bringing the total fleet size to 77. The airline also launched 22 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan.
Resilience Amid Challenges
The local airline industry has faced various geopolitical and economic challenges, including airspace restrictions, inflationary pressures, and fuel price volatility. Air Arabia said it successfully navigated these headwinds by adjusting routes, managing costs, and maintaining high operational standards.
Sheikh Al Thani emphasized the airline’s commitment to growth:
“Our success is built on our ability to adapt to evolving challenges and our commitment to providing exceptional value to customers. We are proud of our achievements and remain focused on driving further growth.”
