Air Arabia saw profits of $113m (AED416m) in the third quarter of 2002 as it delivers a strong performance amid returning demand and the expansion of its network.
The Middle East’s largest low-cost carrier reported earnings were up 99% compared to the $57m (AED209m) reported in Q3 last year.
It is a sign of a return to confidence for Air Arabia as it posted a turnover of $436m (AED1.6bn), a 100 percent increase compared to the same quarter of last year.
Air Arabia passenger numbers double
More than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs in the UAE, Morocco, Egypt and Armenia, an increase of 103 percent compared to the number of passengers carried in the same quarter last year.
The average seat load factor, the number of passengers carried as a percentage of available seats, was 80 per cent.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “Air Arabia’s solid performance in the third quarter of this year reflects the company’s strong operational and commercial strategy, and its underlying commitment to consistently deliver true value to customers.
“We are glad to witness another record performance supported by the strong passenger demand and rigid cost control measures adopted by the management team”.
He continued: “Air Arabia maintained its robust growth in the first nine months of this year by launching the operations of its joint venture airline in Armenia as well as adding new routes and flights across the carrier’s global network.
“Air Arabia remains focused on diversifying and expanding its business, while investing in product innovation and adopting further measures to control costs”.
During the first nine months of the year, Air Arabia registered a net profit of $237m (AED867m). This is a 242 percent compared to the same period of last year.
The company reported a turnover of $1.35bn (AED3.8b) for the first nine months of 2022, an increase of 106 percent compared to the corresponding period last year.
More than 9 million passengers flew with the carrier across its six hubs in the first nine months of 2022, an increase of 118 percent.
Al Thani concluded: “While we continue to witness a strong recovery in air travel, the aviation industry continues also to face many geo-political challenges and economic uncertainty. Despite these challenges, we have full confidence in the business model we operate, as we remain focused on driving operational efficiency across board and delivering optimum value to our customers”.
During the first nine months of the year, Air Arabia added 10 new aircraft to its fleet and expanded its destination network by launching 14 new routes across its hubs in the UAE, Morocco, Egypt and Armenia.
Air Arabia has launched three new routes to Russia, with flights due to begin in December.
The Middle East’s largest low-cost airline will add to its Moscow route, with flights to Ufa, Yekaterinburg and Kazan from Sharjah.
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