Dubai – Mubasher: Air Arabia generated a net profit of AED 693 million in the first half (H1) of 2024, marking a 13% decline from AED 801 million in H1-23.
The UAE airline also recorded a 13% increase in revenue to AED 3.19 billion during January-June 2024 compared with AED 2.82 billion in the same six months (6M) a year earlier, according to a press release.
The basic and diluted earnings per share (EPS) went down to AED 0.13 in H1-24 from AED 0.17 in H1-23.
More than 8.90 million passengers travelled with Air Arabia across its hubs during the January-June 2024 period. This marked a 16% increase compared to the same period last year.
Furthermore, the average seat load factor in H1-24 remained strong at 81%.
As of 30 June 2024, the total assets amounted to AED 14.74 billion when compared to AED 14.67 billion as of 31 December 2023.
Chairman of Air Arabia, Sheikh Abdullah Bin Mohammad Al Thani, said: “Throughout H1-24, Air Arabia remained steadfast in executing its expansion plan by expanding fleet size, launching new routes, and increasing flight frequencies across all operating hubs.”
Al Thani added: “As we navigate the remainder of the year, we remain committed to driving business growth, seizing new opportunities, and reducing costs, all while continuing to deliver exceptional value to our customers.”
Financial Results for Q2-24
During the second quarter (Q2) of 2024, Air Arabia posted a net profit of AED 427 million which was 7% lower than AED 459 million in Q2-23.
The turnover reached AED 1.65 billion during April-June 2024, signalling a 19% surge from AED 1.39 billion in the same quarter a year earlier.
More than 4.50 million passengers travelled with Air Arabia which reflected a 19% increase from the 3.80 million in Q2-23.
Chairman Al Thani said: “The solid net profit recorded in the second quarter was driven by robust passenger demand and revenue growth, underscoring the strong fundamentals of our business and the enduring appeal of our value-driven offerings to customers."
In Q1-24, the airline posted net profits of AED 266 million in addition to a turnover worth AED 1.54 billion.
