Dubai – Mubasher: Air Arabia generated net profits attributable to the shareholders worth AED 800.75 million in the first half (H1) of 2023, marking a 78% surge from AED 450.91 million in H1-22.
Revenues stood at AED 2.82 billion as of 30 June 2023, up 26% year-on-year (YoY) from AED 2.24 billion, according to the interim consolidated income statements.
The basic and diluted earnings per share (EPS) amounted to AED 0.17 in the first six months (6M) of 2023, an annual growth from AED 0.09.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, the net profits attributable to the owners of Air Arabia hit AED 459.19 million, an annual leap of 187% from AED 160.05 million.
The revenues climbed by 25% to AED 1.39 billion in Q2-23 from AED 1.11 billion in Q2-22, while the basic and diluted EPS went up to AED 0.09 from AED 0.03.
Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “Throughout H1-23, Air Arabia remained committed to its strategic expansion plan by strengthening the fleet size, adding new routes and new frequencies across all seven operating hubs.”
“Our organic approach of network expansion not only strengthened our connectivity but has also unlocked new opportunities for our passengers,” Al Thani continued.
He concluded: “Despite a changing macroeconomic and geo-political environment that we continue to witness, we remain focused on driving profitability and maintaining efficiency across the breadth of our operations, supported by prudent financial and cost control measures taken by the management team.”
As of 31 March 2023, the DFM-listed firm recorded higher net profits attributable to the shareholders at AED 341.56 million, versus AED 290.86 million in Q1-22.
