Dubai – Mubasher: The net profits of Air Arabia declined by 5% to AED 1.25 billion in the nine months (9M) of 2024 from AED 1.32 billion, according to the financial results.
The airline achieved a turnover of AED 4.98 billion, marking a 12% increase compared to the AED 4.45 billion registered in 9M-23. The liquidity stood at AED 4.90 billion in cash and cash equivalent.
More than 14 million passengers travelled with Air Arabia across its hubs as of 30 September 2024, representing a 13% year-on-year (YoY) growth.
Financials for Q3-24
In the third quarter (Q3) of 2024, Air Arabia logged net profits valued at AED 564 million, an annual increase of 8% from AED 522 million.
The turnover jumped by 10% YoY to AED 1.78 billion in 9M-24, while the airline liquidity hit AED 4.90 billion.
From July to September 2024, over 5.10 million passengers travelled with the group, up 8% from the 4.70 million passengers carried in the same quarter of the previous year.
Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia’s record net profit in the third quarter, coupled with strong growth in revenue and passenger demand, is a testament to the strength of the business model we operate and the true value we offer to our customers."
"The aviation industry continued to face geopolitical and economic challenges in the third quarter, as airlines navigated airspace restrictions in parts of the region, leading to route adjustments and in some cases, flight suspensions,” he added.
Al Thani concluded: “Throughout the first nine months of 2024, we maintained a strong commitment to growth across all areas of our business and operations. This included expanding our fleet, introducing new routes, and increasing flight frequencies across each of our operating hubs.”
During the nine-month period, Air Arabia added six new aircraft to its modern fleet bringing it to a total of 77 owned and leased Airbus A320 and A321 aircraft.
The carrier has expanded its network by launching 22 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan.
In the first half (H1) of 2024, the net profits retreated to AED 693 million from AED 801 million in H1-23.
