Dubai – Mubasher: Air Arabia witnessed an all-time record of net profits valued at AED 1.32 billion in the first nine months (9M) of 2023, marking a 53% year-on-year (YoY) leap from AED 867 million.
The revenues increased by 16% YoY to AED 4.45 billion during the January-September 2023 period from AED 3.84 billion, according to a press release.
Abdullah bin Mohamed Al Thani, Chairman of Air Arabia, said: “Air Arabia maintained its robust growth in 9M-23 by expanding operations across its seven operational hubs and introducing new routes to enhance the carrier’s global network.”
“The increase in capacity during this period was complemented by an impressive surge in passenger numbers, reaching a total of 12.40 million, and marking a remarkable 36% increase compared to 9M-22,” Al Thani highlighted.
Financials for Q3-23
The net profits amounted to AED 522 million during the third quarter (Q3) of 2023, an annual hike of 26% from AED 416 million.
Furthermore, the DFM-listed company generated revenues standing at AED 1.63 billion in Q3-23, up 1% from AED 1.60 billion in Q3-22.
Outlook
The CEO underlined: “The demand for our value-driven product continues to be solid and we remain 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,” he concluded
In the first half (H1) of 2023, the net profits attributable to the shareholders of Air Arabia widened by 78% YoY to AED 800.75 million from AED 450.91 million.
