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Air Arabia Soars with Record Dh1.5 Billion Net Profit in 2023

Photo: Air Arabia

Air Arabia announced remarkable financial results for the full year ending December 31, 2023, showcasing impressive growth across various key metrics. The airline reported a substantial 27% increase in net profit, achieving a record figure of Dh1.5 billion compared to the previous year's Dh1.2 billion. This growth was underlined by the airline's strong operational and financial performance.

Notably, Air Arabia experienced double-digit growth in both profitability and passenger numbers. The total number of passengers carried in 2023 reached 16.7 million, reflecting a significant 31% increase from the 12.8 million passengers transported in 2022. This surge in passenger numbers contributed to the airline's overall success in the financial year.

In terms of financial turnover, Air Arabia demonstrated a robust performance, reporting Dh6 billion for the year 2023. This marked a noteworthy 14% increase from the Dh5.2 billion recorded in the preceding year, further solidifying the airline's financial position.

The Board of Directors of Air Arabia responded to this exceptional performance by proposing a dividend distribution of 20% of the share capital. This proposed dividend, equivalent to 20 fils per share, underscores the company's commitment to delivering value to its shareholders amidst its financial achievements.

Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, expressed his satisfaction with the airline's performance, characterizing 2023 as a remarkable year for the company. He attributed these accomplishments to the airline's robust business model, the competence of its management team, and the effectiveness of its growth strategy.

Despite facing numerous geopolitical and economic challenges that impacted the global aviation industry, Air Arabia managed to sustain its growth trajectory throughout 2023. The airline achieved this by increasing its operating capacity and adding 26 new routes to its global network, bringing the total to an impressive 206 routes. The operating fleet stood at 73 Airbus A320 and A321 aircraft across all hubs, showcasing the airline's commitment to expansion.

Chairman Al Thani acknowledged challenges in the industry's supply chain and noted a softening in yield margins during the last quarter of the year. However, he emphasized Air Arabia's resilience, highlighting the airline's ability to register solid profitability, maintain an impressive seat load factor, and continue growth in revenue and passenger numbers.

In conclusion, the outstanding performance of Air Arabia in 2023 serves as a testament to the airline's effective operational and commercial strategy, as well as its unwavering commitment to delivering genuine value to its customers and shareholders.

 

 

Feb. 14, 2024 2:39 p.m. 1502

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