Air Arabia has announced record financial results for the full year ending December 31, 2023.
The low-cost airline posted a record net profit of Dh1.5 billion for 2023, representing a 27 percent increase from the Dh1.2 billion it reported in 2022.
The airline's turnover during the same period reached Dh6 billion, an increase of 14 percent compared to the Dh5.2 billion it recorded in 2022.
The company said its liquidity position amounted to Dh5.2 billion in cash and cash equivalent.
In 2023, Air Arabia expanded its operations across its seven operating hubs and introduced 26 new routes to its global network. Therefore, the total network size increased to 206 routes from all operational centers.
This expansion, it says, resulted in an increase in operational capacity, which was complemented by a 31 per cent increase in the number of passengers carried across the group, reaching a total of 16.7 million passengers.
Air Arabia's total operational fleet reached 73 Airbus A320 and A321 aircraft across all hubs. One new aircraft was added to the airline's main hub in Sharjah in the final quarter of 2023. Two leased Airbus A320 aircraft were also added during the third quarter of 2023. Meanwhile, four short-term leased Airbus A320 aircraft were added to its central Morocco during the third quarter. to support summer season operations.
Available capacity at all centers increased 26 percent during 2023 compared to the previous year.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “Despite the numerous geopolitical and economic challenges facing the global aviation industry, the Air Arabia group managed to sustain its strong growth in 2023. This was achieved through increased operational capacity. capacity and the incorporation of new routes through our global network from all our centers. Despite reduced performance margins during the last quarter of the year and ongoing challenges in the industry's supply chain, Air Arabia demonstrated resilience by posting strong profitability while maintaining an impressive seat fill factor and a growth in income and number of passengers.”
Since the beginning of this year, Air Arabia has already announced new expansions of its network. Starting June 28, 2024, it will introduce a four-times-weekly flight from Sharjah to Athens. Starting June 29, 2024, it will introduce another European route with a daily flight from Sharjah to Krakow, Poland. Regionally, starting April 2, 2024, it will launch a flight three times a week from Cairo to Istanbul.
airarabia.com
