Sharjah: Air Arabia (PJSC), the Middle East and North Africa’s first and largest low-cost carrier operator, has announced record financial and operational results for the third quarter and first nine months of 2024. The airline achieved a net profit of AED 564 million for the third quarter ending September 30, 2024, marking an 8% increase from AED 522 million during the same period in 2023. Additionally, Air Arabia reported a turnover of AED 1.78 billion, representing a 10% increase compared to last year. From July to September 2024, over 5.1 million passengers traveled with Air Arabia Group, reflecting an 8% increase from the previous year, with an average seat load factor of 81%.
According to Emirates News Agency, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, attributed the record net profit and revenue growth to the strength of the airline’s business model and the value offered to customers. Despite geopolitical and economic challenges, including airspace restrictions and inflationary pre
ssures, Air Arabia expanded its network and maintained a strong operating margin, demonstrating resilience and effective management.
In the first nine months of 2024, Air Arabia reported a net profit of AED 1.25 billion, a 5% decrease from AED 1.32 billion in 2023. However, the airline achieved a turnover of AED 4.98 billion, a 12% increase from the previous year. Over 14 million passengers traveled across Air Arabia’s hubs, a 13% increase from 2023, with an average seat load factor of 82%.
The airline’s liquidity stood at AED 4.9 billion in cash and cash equivalents for the first nine months of 2024. Al Thani emphasized the company’s commitment to growth, fleet expansion, new routes, and increased flight frequencies. Six new aircraft were added, bringing the total to 77 Airbus A320 and A321 aircraft, along with 22 new routes launched across the UAE, Morocco, Egypt, and Pakistan.
