Skip to content Skip to Search
Skip navigation

Air Arabia’s Q2 profit soars 187% on higher turnover

Air Arabia
Air Arabia added 3 new aircraft to its fleet, bringing it to 71 owned and leased Airbus A320 and A321 aircraft

Air Arabia reported a 187 percent rise in net profit to AED459 million ($124.97 million) in the second quarter of 2023, compared to AED160 million a year earlier.

The higher profit was due to a one-off receivable from one of its suppliers, the airline said in a statement.

Turnover for the quarter ending June 30, 2023, increased by 25 percent year on year to AED1.39 billion as strong demand for air travel continued.

Over 3.8 million passengers flew with the Sharjah-based carrier between April and June 2023 across its seven hubs, an increase of 37 percent year on year. The average seat load factor, or passengers carried as a percentage of available seats, stood at 76 percent.

During the first half of 2023, the airline reported a net profit of AED801 million, an increase of 78 percent, compared to AED451 million a year earlier.

Turnover rose 26 percent year on year to AED2.82 billion. More than 7.7 million passengers travelled, up 47 percent annually. The average seat load factor was 81 percent in the first six months.

Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia, said that the carrier’s steady performance in the first quarter continued to the second quarter underlining the consistency of its growth strategy.

He added: “Throughout the first half of 2023, Air Arabia remained committed to its strategic expansion plan by strengthening the fleet size, adding new routes and new frequencies across all seven operating hubs.

“Our organic approach of network expansion not only strengthened our connectivity but has also unlocked new opportunities for our passengers”.

Air Arabia added three new aircraft to its fleet, bringing it to 71 owned and leased Airbus A320 and A321 aircraft. 

The carrier has expanded its network by launching 18 new routes across its seven operating hubs in the UAE, Morocco, Egypt, Armenia and Pakistan.  

Latest articles

Microsoft president Brad Smith and G42 CEO Peng Xiao (right) sign the $1.5bn investment deal in the presence of G42 chairman Sheikh Tahnoon bin Zayed Al Nahyan

Microsoft invests in UAE’s AI leader G42 

The US tech giant Microsoft will invest $1.5 billion in the Abu Dhabi-based artificial intelligence (AI) company G42 to help accelerate its global expansion strategy. As part of the deal G42 will run its AI applications and services on Azure, Microsoft’s cloud computing platform. Brad Smith, vice-chair and president of Microsoft, will join the G42 […]

Spinneys CEO Sunil Kumar and chairman Ali Al Bwardy. The company operates 75 grocery retail supermarkets in the UAE and Oman

Spinneys to offer 900m shares in Dubai IPO

Supermarket operator Spinneys will sell 25 percent of its business in an initial public offering (IPO) on the Dubai Financial Market (DFM), according to an intention to float document released on Tuesday. The company’s offering will be open from April 23 to April 29 for retail investors, while institutional investors can subscribe until April 30, according […]

Architecture, Building, Cityscape

World Bank raises UAE’s economic growth outlook

The World Bank has raised its UAE economic growth forecast for 2024 and 2025, citing robust non-oil sector growth and higher oil output. The real GDP growth projection for the Gulf state was revised to 3.9 percent this year, up from its previous forecast of 3.7 percent in January, the World Bank said in its […]

Robots on the production line of an EV factory in Guangzhou, China. Saudi Arabia has yet to open its first EV manufacturing facility

EV imports rise in Saudi Arabia, but only to 779 cars

Saudi imports of electric vehicles rose sharply in 2023 – but to a total of just 779 EVs, despite government hopes that it can become a green economy leader through the manufacture and use of electric cars. The kingdom imported only 210 EVs in 2022, showing the mountain it has to climb to realise ambitions […]