Dubai – Mubasher: Air Arabia logged net profits valued at AED 266 million in the first quarter (Q1) of 2024, lower by 22% year-on-year (YoY) than AED 342 million.
The airline posted a turnover of AED 1.54 billion in Q1-24, an annual rise of 8% from AED 1.42 billion, according to the financial results.
Basic and diluted earnings per share (EPS) hit AED 0.05 for the first three months(3M) ending on 31 March 2024, down from AED 0.07 in the year-ago period.
Total assets increased to AED 15.11 billion in Q1-24 from AED 14.67 billion as of 31 December 2023.
During the January-March 2024 period, over 4.40 million passengers flew with Air Arabia across the carrier’s operating hubs, marking a 13 YoY surge from 3.90 million passengers.
Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, commented: “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,” Al Thani elaborated.
He added: "As we navigate the current geo-political challenges and the prolonged supply chain disruptions that the global aviation industry continues to face, we remain steadfast in our growth plans for 2024, building upon the strength of the business model we operate.”
In 2023, Air Arabia witnessed 27% YoY higher net profits at AED 1.50 billion, compared to AED 1.20 billion.
