Dubai – Mubasher: Air Arabia posted a record pre-tax net profit of AED 1.60 billion in 2024, an annual rise of 4% from AED 1.54 billion, according to the financial results.
Total revenue amounted to AED 6.63 billion as of 31 December 2024, up 11% year-on-year (YoY) from AED 6 billion.
Last year, Air Arabia expanded its operations by growing its network across six hubs by adding 31 new routes.
The strategic expansion derived a 13% increase in operational capacity and a 12% rise in total passengers carried, reaching 18.80 million across the group.
Financials for Q4-24
In the fourth quarter (Q4) of 2024, Air Arabia logged net profits valued at AED 351 million, higher by 56% YoY than AED 225 million.
Total turnover rose by 7% to AED 1.65 billion in Q4-24 from AED 1.54 billion in Q4-23, driven by an 11% increase in passenger numbers.
Abdullah bin Mohamed Al Thani, Chairman of Air Arabia, said: “2024 has been a record-breaking year for Air Arabia Group, marked by significant expansion and an increased footprint across all key markets.”
Al Thani added: “Despite the geopolitical tensions and economic challenges impacting the region, Air Arabia has successfully sustained its strong growth trajectory in 2024. This was driven by increased operating capacity, the launch of new routes, and continued network expansion from all our hubs.”
Cash Dividends
Air Arabia’s board has proposed a dividend distribution of 25% of share capital, equivalent to 25 fils per share. This proposal is subject to approval by Air Arabia’s shareholders at the upcoming annual general meeting (AGM).
In the January-September 2024 period, the net profits dropped by 5% YoY to AED 1.25 billion from AED 1.32 billion.
