PHOTO
Sharjah-based Air Arabia has reported a Q3 2023 profit of 522 million dirhams ($142 million), up 26% year-on-year (YoY) as the low-cost airline flew more passengers and introduced new routes.
The earnings beat analysts’ mean estimate of AED 425 million, according to LSEG data.
The Dubai-listed airline, which flies from seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, said its revenue was flat YoY at AED 1.63 billion.
The carrier said in a statement on Monday that it flew 4.7 million passengers from all its hubs together during the quarter, up 21% compared to same quarter last year.
Net profit for the nine-month ended September 20, increased by 53% reaching AED 867 million while revenue was up 16% at AED 4.45 billion.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, was cautious yet optimistic in his outlook for the airline. “The demand for our value-driven product continues to be solid and we remain cautiously optimistic as we continue to navigate the ever-changing landscape of the current geopolitical and macroeconomic environment."
Regional air travel has fallen 26% due to the impact of Israel-Hamas war, a report said last week.
(Writing by Brinda Darasha; editing by Seban Scaria)
