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Air Arabia announced record financial and operating results during the second quarter and the first half, as the company continued its strong performance in achieving a successful growth strategy. Al Arabiya recorded a profit of 459 million dirhams during the second quarter, an increase of 187% compared to 160 million dirhams recorded in the same period of the previous year. The net profit for the second quarter included an exceptional one-off benefit that the company received from one of its suppliers.
The company’s revenues increased during the second quarter by 25%, with the continued strong demand for air travel, reaching 1.39 billion dirhams, compared to 1.11 billion dirhams during the same period of the previous year. Al Arabiya provided services to more than 3.8 million passengers between April and June 2023 from its seven operating centers, an increase of 37% compared to the second quarter of last year. The seat load rate – the ratio of the number of passengers to the number of available seats – reached 76%.
first half
During the first half of 2023, Air Arabia recorded a net profit of 801 million dirhams, an increase of 78% compared to 451 million dirhams recorded in the first half of 2022. During the period, the company’s revenues amounted to 2.82 billion dirhams, an increase of 26% compared to 2.24 billion dirhams. The company provided services to more than 7.7 million passengers in the period from January to June 2023 from its seven operating centers, an increase of 47% compared to the first half of last year. The seat load rate – the ratio of the number of passengers to the number of available seats – was 81%.
Sheikh Abdullah bin Mohammed Al Thani, Chairman of the Board of Directors of Air Arabia, said: “The strong performance recorded by Air Arabia during the second quarter of this year reflects the effectiveness of the business model pursued by the company. The strong performance witnessed in the first quarter continued during the second quarter, indicating the stability of our growth strategy and the excellence of our operations. The team continues its efforts in achieving sustainable momentum to achieve growth, as well as providing innovative services and exceptional value to our customers.”
Expansion plan
He added, “Air Arabia continued during the first half of this year to implement its expansion plan by enhancing the size of the fleet, adding new destinations, as well as intensifying the number of flights from all the company’s operations centers. Our growth strategy contributes to strengthening our network of destinations while ensuring that we provide new opportunities for air travel to our customer base.”
He concluded by saying: “Despite the continuing economic challenges and global geopolitical changes, our focus remains on increasing profit margins and enhancing operational efficiency across all our businesses, as well as the financial measures adopted by the company’s management to reduce operational costs. We are confident of our ability to achieve positive growth with our constant commitment to providing the best, reliable and value-added air travel options.”
3 new planes
During the first half of 2023, Air Arabia added 3 new aircraft to its modern fleet, bringing the total number of owned and leased aircraft to 71 Airbus A320 and A321 aircraft. During the same period, the group succeeded in expanding its network of destinations by launching 18 new destinations from its operations centers in the UAE, Morocco, Egypt, Armenia and Pakistan. In March, the company won the “Best Low-cost Airline of the Year” award during the “Aviation Achievement 2023” awards ceremony. In line with the company’s commitment to its social responsibility, Air Arabia organized its latest CSR initiative “Towards a More Sustainable Future” with the aim of promoting teamwork and leaving a positive impact on the local environment. In addition, the “Sahab Al-Khair” project, one of Air Arabia’s community development initiatives, continued to make a wider impact serving underprivileged communities around the world. Through various initiatives and partnerships, the company continues to make the desired difference in society.
