Spike in passengers drive Air Arabia’s record 53% jump in nine-month net profit
Revenue for the first nine months increased by 16% to Dh4.45 billion
Dubai: Air Arabia’s profit for the nine months ending September 2023 rose to a record, fuelled by a rise in the number of passengers it carried.
Net profit rose 53 per cent year-on-year to Dh1.32 billion, the Middle East’s largest low-cost carrier said in a statement. Revenue for the first nine months increased by 16 per cent to Dh4.45 billion.
“Air Arabia maintained its robust growth in the first nine months of this year by expanding operations across its seven operational hubs and introducing new routes to enhance the carrier’s global network,” Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said in a statement.
“The increase in capacity during this period was complemented by an impressive surge in passenger numbers, reaching a total of 12.4 million, and marking a remarkable 36% increase compared to the first nine months of last year.”
For the three months through September 2023, net profit stood at Dh522 million, a 26 per cent increase over a year ago. Revenue rose 1 per cent during the same period to Dh1.63 billion.
Al Thani said the airline remains cautiously optimistic "as we continue to navigate the ever-changing landscape of the current geopolitical and macroeconomic environment". "While challenges persist in the near term, we have full confidence in the business model that we operate, our ability to continue driving growth, and our product offering that continuously delivers optimum value to our customer”.