Air Arabia has reported a second quarter 2024 net profit of AED 427 million (US $116.3 million) on a year-over year increase in revenue of 19 percent to AED 1.65 billion (US $449.2 million).
On Monday (August 12, 2024), Air Arabia reported their second quarter financial results for the period ending June 30, 2024. The carrier reported a second quarter net profit of AED 427 million (US $116.3 million) on a 19 percent year-over-year increase in revenue to AED 1.65 billion (US $449.2 million). At June 30, 2024, Air Arabia had cash and cash equivalents totaling AED 4.8 billion (US $1.3 billion).
In Monday’s announcement, Air Arabia’s Chairman, Sheikh Abdullah Bin Mohammad Al Thani, said,
“The solid net profit recorded in the second quarter was driven by robust passenger demand and revenue growth, underscoring the strong fundamentals of our business and the enduring appeal of our value-driven offerings to customers.
“Despite the robust passenger demand, the aviation industry continued to experience slower yield growth and rising costs during the second quarter of this year, driven by economic and geopolitical uncertainties, currency fluctuations, fuel price volatility, and supply chain disruptions that have led to increased inflationary pressures. Air Arabia’s ability to sustain its growth momentum and achieve such solid profitability amidst these challenges reflects the resilience of our business model and the strength of our management team.”
During the first half of 2024 (H1 2024), Air Arabia added three new aircraft to their fleet, expanding their fleet to 77 owned and leased Airbus A320 and A321 aircraft. The carrier also launched 16 new routes from their operating hubs in the UAE, Morocco, Egypt and Pakistan. Additionally, as part of their ongoing commitment to environmental responsibility, Air Arabia has implemented a fully 100 percent recyclable approach for all inflight service items, including food and beverage packaging.
Source: Air Arabia
To our valued readers: As we prepare to celebrate our fifth anniversary on September 2, 2024, we have decided to enhance our visitor experience by eliminating targeted ads across our platform. In order to make up for lost revenue, we are transitioning to a reader supported model, without a paywall, annoying pop-ups, or a required subscription. We thank you for your generous support!