Air Arabia (PJSC), the pioneering and largest low-cost carrier (LCC) in the Middle East and North Africa, announced on Monday a net profit of Dh564 million for the third quarter ending September 30, 2024, marking an eight percent increase from Dh522 million in the same period of 2023. The airline's turnover reached Dh1.78 billion, reflecting a ten percent rise compared to the third quarter of the previous year. From July to September 2024, over 5.1 million passengers flew with Air Arabia Group across its operating hubs, an eight percent increase from the 4.7 million passengers carried in the same quarter of 2023.
The airline's average seat load factor, which represents the percentage of available seats occupied, increased by two percent, reaching 81 percent during the third quarter of 2024, indicating strong demand for Air Arabia's services. Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, commented: “The aviation industry faced geopolitical and economic challenges in the third quarter, including airspace restrictions in parts of the region, leading to route adjustments and flight suspensions. Additionally, the industry continued to manage inflationary pressures due to supply chain challenges, currency fluctuations, and fuel price volatility. Despite these factors, Air Arabia expanded its network, increased operating capacity, and maintained a strong operating margin, highlighting the resilience of our business model and the strength of our management team.”
For the first nine months of 2024 (January to September), Air Arabia reported a net profit of Dh1.25 billion, a five percent decrease from the Dh1.32 billion recorded in the same period of 2023. The airline's turnover was Dh4.98 billion, a 12 percent increase from Dh4.45 billion in the first nine months of the previous year. During this period, over 14 million passengers traveled with Air Arabia across its hubs, representing a 13 percent growth compared to the same period last year. The airline's average seat load factor rose by two percent, reaching 82 percent for the first nine months of 2024. The airline's liquidity for the first nine months of 2024 stood at Dh4.9 billion in cash and cash equivalents.
During the first nine months of the year, Air Arabia added six new aircraft to its fleet, bringing the total to 77 owned and leased Airbus A320 and A321 aircraft. The carrier also expanded its network by launching 22 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan.
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