Air Arabia, the UAE low-cost carrier in the Middle East and North Africa (MENA), has announced robust financial and operational results for the second quarter and first half of 2024. This comes as the airline continues to expand its network, further solidifying its leading position in the market. Air Arabia reported a net profit of AED427 million ($116.25 million) during the second quarter ending June 30, 2024; a 7 percent decrease from the AED459 million ($124.96 million) recorded in the same period in 2023.
The airline achieved a turnover of AED1.65 billion ($449.22 million), marking a 19 percent increase compared to the second quarter of the previous year. Between April and June 2024, over 4.5 million passengers traveled with Air Arabia Group across its operating hubs, reflecting a 19 percent increase from the 3.8 million passengers carried in the same quarter of the prior year. The airline’s average seat load factor — representing the percentage of available seats occupied — rose by 3 percent, reaching an impressive 79 percent during the second quarter of 2024.
In the first half of 2024 (January to June), Air Arabia reported a net profit of AED693 million ($188.67 million), reflecting a 13 percent decrease from the AED801 million recorded in the same period in 2023. During this period, the airline achieved a turnover of AED3.19 billion ($868.5 million), marking a 13 percent increase compared to the AED 2.82 billion registered in the first half of the previous year. Over 8.9 million passengers traveled with Air Arabia across its hubs, representing a 16 percent growth compared to the same period last year. The airline’s average seat load factor in the first half of 2024 remained strong at 81 percent.
Fleet and network expansion
During the first half of the year, Air Arabia added 3 new aircraft to its modern fleet, bringing it to a total of 77 owned and leased Airbus A320 and A321 aircraft. The carrier has also expanded its network by launching 16 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan. In March, Air Arabia was ranked third highest operating margin worldwide in the ‘Airline Weekly’ World’s Most Profitable Airlines index. The airline’s liquidity for the first half of 2024 stood at AED4.8 billion in cash and cash equivalent.
Read more: UAE’s Air Arabia expands Europe footprint with new Sharjah-Vienna route
Commitment to sustainability
As part of its ongoing commitment to environmental responsibility, Air Arabia has fully implemented a circular economy approach for all in-flight service items, ensuring they are biodegradable. Additionally, all food and beverage packaging and containers are now 100 percent recyclable. This initiative underscores Air Arabia’s comprehensive strategy to integrate environmental stewardship, social responsibility, and governance excellence into its core operations.
New route to the Maldives
In July 2024, Air Arabia announced the launch of its new non-stop flights between Sharjah and the picturesque Maldives islands. The daily flights between Sharjah International Airport and Velana International Airport in the Maldives will commence on October 27, 2024. This new route will provide travelers with even more convenient and affordable options to explore one of the most popular destinations in South Asia.
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