Air Arabia reports record net profit in 2023

Air Arabia

The airline achieved a 14% increase in turnover hitting AED6 billion  

Air Arabia, the UAE's low-cost airline headquartered in Sharjah, has announced record financial results for 2023, achieving double-digit growth in profitability and passenger numbers.

The airline reported a record net profit of AED1.5 billion in 2023, representing a 27% increase compared to the AED1.2 billion recorded in 2022, while total turnover for the same period reached AED6 billion, reflecting a 14% increase compared to the AED5.2 billion achieved in 2022.

Air Arabia expanded operations across its seven operational hubs and introducing 26 new routes within its global network last year. This strategic expansion resulted in an increase in operational capacity, which was further complemented by a 31% surge in the number of passengers carried across the group, reaching 16.7 million passengers.

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In the fourth quarter, ending 31 December 2023, Air Arabia reported a net profit of AED225 million, 37% less than the AED356 million recorded in the same quarter last year, which had witnessed record high yield margins. Meanwhile, the turnover increased by 11% to reach AED1.54 billion, and the seat factor for the quarter remained strong at 81%. 

Air Arabia chairman Sheikh Abdullah Bin Mohamed Al Thani said: "Despite the softening in yield margins during the last quarter of the year and the ongoing challenges in the industry's supply chain, Air Arabia demonstrated resilience by registering a solid profitability while maintaining an impressive seat load factor and growth in revenue and passenger numbers. 

"This outstanding performance serves as a testament to Air Arabia's effective operational and commercial strategy, as well as its unwavering commitment to consistently delivering genuine value to its customers."

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