Air Arabia reports Q1 profit of AED 266m

Air Arabia's first quarter turnover increased eight per cent to AED 1.54 billion and showed a 13 per cent increase in the number of passengers carried to 4.4 million.

Air Arabia reported a net profit of AED 266 million for the first three months of 2024 and in the same period, the airline posted turnover of AED 1.54 billion, an eight per cent increase compared to the first quarter of last year. 

More than 4.4 million passengers flew with Air Arabia Group between January and March across the carrier’s operating hubs, an increase of 13 per cent compared to 3.9 million passengers carried in the first quarter of last year.

Commenting on the figures Chairman of Air Arabia Sheikh Abdullah Bin Mohammad Al Thani said: “Air Arabia's strong financial results achieved in the first three months of this year reflect our unwavering dedication to operational excellence and our commitment to continuously delivering value-driven product to our customers.

“Despite the ongoing economic and geo-political uncertainty, seasonality impact on our business, fuel price volatility along with currency fluctuation and supply chain challenges, our focus on driving profitability and maintaining an efficient operation has enabled us to deliver solid financial and operational results. 

Air Arabia added two new routes to its global network from its operating hubs in the UAE, Morocco, Egypt, and Pakistan during the first three months of 2024, serving passengers with its modern fleet of 74 new Airbus A320 and A321 aircraft. 

In March, Air Arabia shareholders approved a 20 per cent dividend distribution at the carrier’s Annual General Meeting for 2023.

The airline liquidity for the first quarter 2024 stood at AED 5 billion in cash and cash equivalent.  

The Q1 net profit was a 22 per cent lower than the AED 342 million registered in the corresponding quarter in 2023.