Air Arabia reported a record-high net profit for Q3. Notwithstanding the economic and geopolitical uncertainties, the carrier continued its strong form which was already evident in the first six months of 2022. Air Arabia Group almost doubles net profit in Q3.
Air Arabia ended the third quarter with a net profit of AED 415.7 million, up from AED 208.9 million in the same period of 2021. Total revenues doubled to AED 1.606 billion from AED 804 million. Operating expenses increased to AED 1.2 billion versus AED 580 million last year.
The group’s airlines in Sharjah, Abu Dhabi, Morocco, Egypt, and Armenia (Fly Arna) carried a combined 3.9 million passengers during the quarter, an increase of 103 percent year on year at a load factor of on average eighty percent.
For the nine-month period, the net profit is AED 866.6 million compared to AED 253.1 million. Total revenues were AED 3.849 billion versus AED 1.872 billion. Passengers carried increased by 118 percent to nine million. The carrier ended September with AED 4.6 billion in cash and bank balances, up from AED 3.9 billion on December 31.
“While we continue to witness a strong recovery in air travel, the aviation industry continues also to face many geo-political challenges and economic uncertainty. Despite these challenges, we have full confidence in the business model we operate, as we remain focused on driving operational efficiency across the board and delivering optimum value to our customers,” said Chairman, Sheikh Abdullah Bin Mohamed Al Thani.
Air Arabia Group has grown its consolidated fleet to 68 aircraft, ten more since the start of this year. They include 59 Airbus A320ceo’s and nine A321neo’s. Unhindered by sanctions, Air Arabia will launch a new service to Kazan (Russia), Yekaterinburg, and Ufa on December 1. Air Arabia Abu Dhabi already flies to Moscow since September 29 and to Kuwait on October 31. On December 16, Air Arabia Egypt will launch a service from Cairo to Marseille.
Active as a journalist since 1987, with a background in newspapers, magazines, and a regional news station, Richard has been covering commercial aviation on a freelance basis since late 2016.
Richard is contributing to AirInsight since December 2018. He also writes for Airliner World, Aviation News, Piloot & Vliegtuig, and Luchtvaartnieuws Magazine. Twitter: @rschuur_aero.
