Air Arabia flies high with a record AED459 million net profit in Q2 2023
Robust post-pandemic air travel and a curated growth trajectory have propelled Air Arabia to register record second-quarter (Q2) and first-half (H1) 2023 financial and operational results.
The airline recorded a net profit of AED459 million during the Q2 period ending June 30, 2023, an increase of 187% compared to the AED160 million net profit the carrier reported for the same period in 2022.
The Q2 net profit also includes the one-off receivable that Air Arabia received from a supplier.
Air Arabia’s turnover for the Q2 period came in at AED1.39 billion, a 25% increase, compared to AED1.11 billion in the corresponding period in 2022.
For H1 2023, the airline reported a net profit of AED801 million, an increase of 78% compared to AED451 million registered in H1 2022. In the same period, the carrier posted a turnover of AED2.82 billion, a 26% increase compared to AED2.24 billion registered in H1 2022.
‘Resilient business model’
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “Air Arabia’s strong performance in the second quarter of this year is a testament to the resilience and effectiveness of the business model we operate.
“Throughout the first half of 2023, 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.”
In terms of passenger numbers, 7.7 million people have flown aboard Air Arabia in H1 2023, an increase of 47% compared to the same period in 2022.
The carrier’s average seat load factor stood at an average of 81%.
During H1 2023 the Sharjah International Airport-headquartered airline launched 18 new passenger routes across its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, making for a total of 190 routes.
Air Arabia began operations in October 2003 and is currently the Middle East and North Africa’s largest low-cost airline.
Image: Jean-Vincent Reymondon