Thursday May 12, 2022
Air Arabia records net profit of Dhs291 million
Picture used for illustrative purpose.
Air Arabia, the Middle East and North Africa’s (Mena) first and largest low-cost carrier operator, reported a strong profit in first quarter of 2022, as recovery in demand for air travel continued.
The profit, valued at Dhs291 million, is an increase of 756 per cent compared to Dhs34 million registered in Q1 2021. In the same period, the airline posted a turnover of Dhs1.12 billion, a 97 per cent increase in turnover compared to the first quarter of last year.
The financial and operational results achieved in the first quarter were backed by the continuous recovery in demand for air travel. More than 2.4 million passengers flew with Air Arabia between January and March, 2022, across the carrier’s five hubs, marking an 86 per cent increase compared to a total of 1.3 million passengers carried in the first quarter of last year. The airline’s average seat load factor - or passengers carried as a percentage of available seats - during the first three months of 2022, stood at an impressive 79 per cent, up four per cent compared to the same period last year.
Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said, “The strong performance we witnessed last year continued in the first quarter of 2022 and was supported by higher customer demand for Air Arabia’s value driven product, as well as rigid cost control measures that the airline took since the start of the pandemic”.
“We have continued with our network expansion strategy in the first quarter of this year by adding new routes and new frequencies across all operating hubs as well as continuing with preparations for the launch of our new ventures in Armenia and Pakistan,” he added.”