Air Arabia reports first quarter 2023 net profit of AED 342 million, up 17%

Air Arabia reports first quarter 2023 net profit of AED 342 million, up 17%

SHARJAH, 8th May, 2023 (WAM) - Air Arabia (PJSC), the Middle East & North Africa's largest low-cost carrier, has reported a strong first quarter in both financial and operational terms, recording a net profit of AED 342 million for the first three months ending March 31, 2023, which represents a 17 percent increase compared to the AED 291 million profit recorded in the same quarter in 2022. Additionally, the airline's turnover for the period was AED 1.42 billion, which marks a 27 percent increase compared to the first quarter of last year.

Air Arabia’s strong performance in the first quarter of 2023 reflects the airline’s ability to constantly deliver solid performance while navigating through challenging trading environments. More than 3.9 million passengers flew with Air Arabia Group between January and March 2023 across the carrier’s seven operating hubs in the UAE, Morocco, Egypt, Armenia and Pakistan, an increase of 59 per cent compared to a total of 2.4 million passengers carried in the first quarter of last year. The airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2023 stood at an impressive 85 per cent, up 8