Air Arabia has demonstrated flexibility and adaptability in the face of economic and geopolitical challenges.
The first quarter results confirm the strength of the company’s business model and its ability to achieve sustainable growth.
Air Arabia announced strong financial and operational results for the first quarter of 2024 ending last March 31, as the company achieved net profits amounting to 266 million dirhams, a decrease of 22% compared to the same period last year.
Air Arabia’s revenues rose by 8% to reach 1.54 billion dirhams, driven by a 13% increase in the number of passengers to reach 4.4 million passengers.
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The first quarter results were affected by several factors, including the seasonal shift during Ramadan, higher fuel prices, currency fluctuations, and ongoing challenges in the supply chain.
Sheikh Abdullah bin Mohammed Al Thani, Chairman of the Board of Directors of Air Arabia, stressed the company’s commitment to operational excellence and providing high-quality services to its customers.
Al Thani added: “Despite the current challenges, we remain steadfast in our growth plans for 2024, relying on the strength of our business model. We are confident in the future of the low-cost aviation sector in the region and the world as a whole.”
It is noteworthy that during the first quarter, Air Arabia added two new destinations to its network, bringing the total number of destinations to 74 destinations across its operations centers in the United Arab Emirates, Morocco, Egypt and Pakistan.
The company achieved third place globally for the highest profit margin among international airlines.
