Middle East Business: Air Arabia Q3 net profit doubles to $113.26m – Gulf Digital News

Middle East Business: Air Arabia Q3 net profit doubles to $113.26m – Gulf Digital News

Air Arabia, the Middle East & North Africa’s first and largest low-cost carrier operator, today announced record financial results for the third quarter ending September 30, 2022, as the carrier continued to deliver solid operational and financial performance.

Air Arabia reported a net profit of AED416 million for the three months ending September 30, 2022, an increase of 99% compared to AED209 million registered in the corresponding third quarter of 2021.

In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year. 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 – or passengers carried as a percentage of available seats –during the third quarter of 2022 stood at an impressive average of 80 percent, it said.

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