Air Arabia’s profits hike 27% in 2023; dividends announced

Air Arabia’s profits hike 27% in 2023; dividends announced

Dubai – Mubasher: Air Arabia recorded net profits valued at AED 1.50 billion in the full year that ended on 31 December 2023; higher by 27% year-on-year (YoY) than AED 1.20 billion.

Revenues surged by 14% to AED 6 billion in 2023, compared to AED 5.20 billion in 2022, according to a press release.

The airline achieved double-digit growth in profitability and passenger numbers, reflecting its commitment to growth plans and solid financial and operational performance.

Income Statements for Q4-23

In the fourth quarter (Q4) of 2023, Air Arabia reported a net profit of AED 225 million, lower by 37% YoY than AED 356 million.  

The turnover increased by 11% to reach AED 1.54 billion in Q4-23 from AED 1.40 billion in Q4-22, while the seat factor for the quarter remained strong at 81%.

Sheikh Abdullah bin Mohamed Al Thani, Chairman of Air Arabia, said: Air Arabia has successfully maintained its growth momentum from the previous record-breaking year and achieved exceptional financial and operational results.”

“Despite the numerous geopolitical and economic challenges faced by the global aviation industry, the Air Arabia group managed to sustain its strong growth in 2023,” Al Thani continued.

He elaborated: “This was achieved through the increase of operating capacity and the addition of new