Sharjah: Air Arabia has achieved record financial results for the full year ending December 31, 2023, the airline said in a media release on Tuesday.
The airline achieved double-digit growth in profitability and passenger numbers, with a record 27 per cent increase in net profit.
The budget-carrier reported net profit of Dh1.5 billion for 2023, up from Dh1.2 billion recorded in 2022. The airline's turnover for the same period was Dh6 billion – a 14 per cent increase from Dh5.2 billion in 2022.
The airline carried 16.7 million passengers last year, up by 31 per cent from 12.8 million passengers in 2022.
Air Arabia’s Board of Directors proposed a dividend distribution of 20 per cent of share capital, equivalent to 20 fils per share.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “2023 has been a remarkable year for the airline. Air Arabia has successfully maintained its growth momentum from the previous record-breaking year and achieved exceptional financial and operational results.
“The significant milestones attained in terms of growth, revenue, and profitability serve as a testament to Air Arabia's robust business model, competent management team, and effective growth strategy.”
He continued, "Despite the numerous geopolitical and economic challenges faced by the global aviation industry, the Air Arabia group managed to sustain its strong growth in 2023. This was achieved through the increase of operating capacity and the addition of new routes across our global network from all our hubs. We take pride in the fact that Air Arabia's value-driven product and services now cater to a broader customer base and reach more markets.”
In 2023, Air Arabia also introduced 26 new routes within its global network, bringing the total network size to 206 routes. The total operating fleet reached 73 Airbus A320 and A321 aircraft across all hubs.
Al Thani continued: "Despite the softening in yield margins during the last quarter of the year and the ongoing challenges in the industry's supply chain, Air Arabia demonstrated resilience by registering a solid profitability while maintaining an impressive seat load factor and growth in revenue and passenger numbers.
“This outstanding performance serves as a testament to Air Arabia's effective operational and commercial strategy, as well as its unwavering commitment to consistently delivering genuine value to its customers."