Air Arabia (PJSC) reported the first quarter 2024 financial and operational results, as the airline continued to expand its network and further strengthening its leadership position in the market.
Air Arabia reported a net profit of AED 266 million for the first three months ending March 31, 2024; 22 percent lower than the AED 342 million registered in the corresponding quarter in 2023. In the same period, the airline posted a turnover of AED 1.54 billion, an 8 percent increase compared to the first quarter of last year. More than 4.4 million passengers flew with Air Arabia Group between January and March 2024 across the carrier’s operating hubs, an increase of 13 per cent compared to a total of 3.9 million passengers carried in the first quarter of last year, while the airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2024 stood at an impressive 85 per cent.
First Quarter 2024 Performance:
| AED |
Q1 2024 |
Q1 2023 |
% |
Revenue
|
AED 1.54 billion |
AED 1.4 billion |
8% |
| Passenger Numbers*all hubs* |
4.4 million |
3.9 million |
13% |
| Seat Load Factor |
85% |
85% |
- |
| Net Profit |
AED 266 million |
AED 342 million |
(22%) |
The first quarter net profit achieved was driven by robust passenger demand and revenue growth. These results were also impacted by the seasonality shift during the month of Ramadan, higher fuel price, currency fluctuations in key markets, and ongoing supply chain challenges that contributed to higher inflationary costs across the industry.
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 fleet of 74 new Airbus A320 and A321 aircraft. In March, Air Arabia shareholders approve 20% dividend distribution at the carrier’s Annual General Meeting for the year 2023. The airline liquidity for the first quarter 2024 stood at AED 5 billion in cash and cash equivalent.
Source: Air Arabia