16 new routes added in the first half 2024 and turnover surpassed AED 3.19bn
Air Arabia announced strong financial and operational results for the second quarter and first half of 2024
In the first half of 2024 (January to June), Air Arabia reported a net profit of AED 693mn, reflecting a 13 percent decrease from the AED 801mn recorded in the same period in 2023. In the same period, the airline achieved a turnover of AED 3.19bn, marking a 13 percent increase compared to the AED 2.82bn registered in the first half of last year. During this period, over 8.9mn 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.
Air Arabia reported a net profit of AED 427mn during the second quarter ending June 30, 2024; 7 percent lower than the AED 459mn recorded in the same period in 2023. The airline achieved a turnover of AED 1.65bn, marking a 19 percent increase compared to the second quarter of last year. Between April and June 2024, over 4.5mn passengers traveled with Air Arabia Group across its operating hubs, reflecting a 19 per cent increase from the 3.8mn passengers carried in the same quarter of the previous 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.
Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, 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.”
He further added, “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.”
