Sharjah (Union)
Air Arabia today announced strong financial and operational results for the second quarter and first half of 2024, as the company continued to expand its network of destinations and strengthen its leading position in the market.
Air Arabia recorded net profits of AED 427 million during the second quarter ending June 30, 2024, a decrease of 7% compared to AED 459 million recorded by the company in the same period of the previous year.
The company’s revenues during the second quarter amounted to AED 1.65 billion, an increase of 19% compared to the revenues of the second quarter of last year.
The airline carried more than 4.5 million passengers between April and June 2024 across all its hubs, up 19% compared to 3.8 million passengers carried in the second quarter of last year, while the seat load factor (passengers carried as a percentage of available seats) increased by 3% to 79% during the same period. Commenting on the results, Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said: “Air Arabia’s strong second quarter earnings were driven by strong demand for air travel and revenue growth, reflecting the strong fundamentals of the company and the value-added services we provide to our customers.”
“Despite the strong demand for air travel, the aviation industry continued to face slower margin growth and higher costs during the second quarter of this year, driven by ongoing global economic and geopolitical challenges, higher fuel prices, currency fluctuations in key markets, and supply chain challenges that added to inflationary pressures. Air Arabia’s ability to maintain its growth momentum and deliver strong profitability amidst these challenges reflects the resilience of our business model and the ability of our management team,” he added.
Air Arabia recorded a net profit of AED 693 million during the first half of this year (January to June), down 13% compared to AED 801 million recorded during the same period last year. The company’s revenues during the first half amounted to AED 3.19 billion, up 13% compared to AED 2.82 billion recorded in the first half of the previous year.
The company served more than 8.9 million passengers from all its operational hubs between January and June 2024, an increase of 16% compared to the same period last year. The seat load factor during the first half maintained a high rate of 81%.
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