Air Arabia Reports Record AED 1.6 Billion Profit Before Tax in 2024
February 13, 2025: Air Arabia (PJSC), the first and largest low-cost carrier (LCC) operator in the Middle East and North Africa, today announced its financial and operational results for the full year ending December 31, 2024. The airline posted a record pre-tax net profit of AED 1.6 billion, reflecting a 4% increase compared to AED 1.5 billion in 2023. Total turnover for the year surpassed AED 6.63 billion, marking an 11% growth from AED 6 billion in 2023. In 2024, Air Arabia reinforced its commitment to expansion and operational excellence by growing its network across six hubs and adding 31 new routes. This strategic expansion led to a 13% increase in operational capacity and a 12% rise in total passengers carried, reaching 18.8 million across the group. The airline also reported a 2% increase in average seat load factor, reaching 82%, further underscoring the sustained strong demand for Air Arabia’s value-driven, low-cost services. Full Year 2024 Performance: AED FY 2024 FY 2023 % Revenue AED 6.63 billion AED 6 billion 11% Passenger Numbers*all hubs* 18.8 million 16.7 million 12% Seat Load Factor 82% 80% 2% Net Profit Before Tax AED 1.6 billion AED 1.54 billion 4% Net Profit After Tax AED 1.46 billion – – Air Arabia’s Board of Directors has proposed a dividend distribution of 25% of share capital, equivalent to 25 fils per share. This proposal was made during a recent board meeting and is subject to approval by Air Arabia’s shareholders at the upcoming Annual General Meeting (AGM). Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “2024 has been a record-breaking year for Air Arabia Group, marked by significant expansion and an increased footprint across all key markets. Building on our strong foundation, we have continued to achieve remarkable financial and operational growth, reaffirming the strength of our business model, the resilience of our management team, and the effectiveness of our strategic vision.” He continued: “Despite the geopolitical tensions and economic challenges impacting the region, Air Arabia Group has successfully sustained its strong growth trajectory in 2024. This was driven by increased operating capacity, the launch of new routes, and continued network expansion from all our hubs. We take great pride in our ability to deliver a value-driven travel experience to a growing customer base, strengthening our presence across global markets while maintaining operational excellence.” In the fourth quarter ending December 31, 2024, Air Arabia reported a record net profit of AED 351 million, marking a 56% increase compared to AED 225 million in the same quarter last year. Total turnover for the fourth quarter of 2024 rose 7% to AED 1.65 billion, driven by an 11% increase in passenger numbers, as the airline carried over 4.7 million passengers across all hubs during the quarter. Meanwhile, the seat load factor increased by 2% reaching a strong 83%, reflecting sustained demand for Air Arabia’s services. Fourth Quarter 2024 Performance: AED Q4 2024 Q4 2023 % Revenue AED 1.65 billion AED 1.54 billion 7% Passenger Numbers*all hubs* 4.7 million 4.2 million 11% Seat Load Factor 83% 81% 2% Net Profit AED 351 million AED 225 million 56% Al Thani continued: ” “The fourth quarter of the year was remarkable for Air Arabia, as we successfully expanded our network while maintaining solid margins. This strategic growth, coupled with rigid cost control and strong operational efficiency, resulted in an outstanding performance for the quarter”. Full Year 2024 Highlights: Fleet Network Liquidity ESG Recognition Outlook Al Thani concluded: “As the global aviation industry continues to navigate challenges, including geopolitical tensions, inflationary pressures, and supply chain disruptions, Air Arabia remains committed to growth and expansion. Our focus is on enhancing connectivity, increasing operational capacity, and providing our customers with the best options for affordable and value-driven air travel. We have full confidence in our unique business model, operational excellence, and customer-centric approach, which enable us to continuously expand our network and deliver a seamless travel experience to an ever-growing customer base.”
Air Arabia reports record third quarter net profit of AED 564 million, up 8%
First nine months 2024 revenue increases 12% exceeding AED 4.98 billion; 13% increase in passenger numbers and 22 new routes launched. Air Arabia (PJSC), the Middle East and North Africa’s first and largest low-cost carrier (LCC) operator, today announced record financial and operational results for the third quarter and first nine months of 2024. Air Arabia reported a net profit of AED 564 million for the third quarter ending September 30, 2024; an 8 percent increase compared to AED 522 million in the same period of 2023. The airline achieved a turnover of AED 1.78 billion, marking a 10 percent increase compared to the third quarter of last year. From July to September 2024, over 5.1 million passengers traveled with Air Arabia Group across its operating hubs, reflecting an 8 per cent increase from the 4.7 million passengers carried in the same quarter of the previous year. The airline’s average seat load factor — representing the percentage of available seats occupied — increased by 2 percent, reaching an impressive 81 percent during the third quarter of 2024, underscoring the strong demand for Air Arabia’s services. Third Quarter 2024 Performance: AED Q3 2024 Q3 2023 % Revenue AED 1.78 billion AED 1.62 billion 10% Passenger Numbers*all hubs* 5.1 million 4.7 million 8% Seat Load Factor 81% 79% 2% Net Profit AED 564 million AED 522 million 8% Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia’s record net profit in the third quarter, coupled with strong growth in revenue and passenger demand, is a testament to the strength of the business model we operate and the true value we offer to our customers.” He continued: “The aviation industry continued to face geopolitical and economic challenges in the third quarter, as airlines navigated airspace restrictions in parts of the region, leading to route adjustments and in some cases, flight suspensions. Additionally, the industry continued to manage inflationary pressures prompted by the ongoing supply chain challenges, currency fluctuations, and fuel price volatility. Despite these factors, Air Arabia successfully expanded its network, increased operating capacity, and maintained a strong operating margin. This achievement highlights the resilience of our business model and the strength of our management team.” In the first nine months of 2024 (January to September), Air Arabia reported a net profit of AED 1.25 billion, reflecting a 5 percent decrease from the AED 1.32 billion recorded in the same period of 2023. The airline achieved a turnover of AED 4.98 billion, marking a 12 percent increase compared to the AED 4.45 billion registered in the first nine months of last year. During this period, over 14 million passengers traveled with Air Arabia across its hubs, representing a 13 percent growth compared to the number of passengers carried in the same period last year. The airline’s average seat load factor rose by 2 percent, reaching a strong 82 percent for the first nine months of 2024. First Nine Months 2024 Performance: AED 9M 2024 9M 2023 % Revenue AED 4.98 billion AED 4.45 billion 12% Passenger Numbers*all hubs* 14 million 12.4 million 13% Seat Load Factor 82% 80% 2% Net Profit AED 1.25 billion AED 1.32 billion (5%) The airline liquidity for the first nine months of 2024 stood at AED 4.9 billion in cash and cash equivalent. Al Thani concluded: “Throughout the first nine months of 2024, we maintained a strong commitment to growth across all areas of our business and operations. This included expanding our fleet, introducing new routes, and increasing flight frequencies across each of our operating hubs. As we look to the remainder of the year, we remain focused on strategic growth, disciplined cost management, and delivering exceptional value to our customers.” During the first nine months of the year, Air Arabia added 6 new aircraft to its modern fleet bringing it to a total of 77 owned and leased Airbus A320 and A321 aircraft. During the same period, the carrier has expanded its network by launching 22 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan. In May, Air Arabia was named the “Leading Low-Cost Airline Brand – MENA” by Global Brands Magazine. This honor recognizes Air Arabia’s exceptional commitment to innovation, quality, branding, customer service, and performance, establishing a robust standard in the aviation sector across the MENA region. Additionally, the airline was honored with “Corporate Award in the Airline Category” at the 2024 OPS Forum in Athens, Greece for its commitment to enhancing efficiency, reliability, and customer satisfaction. Building on its commitment to environmental responsibility, Air Arabia has integrated and deployed phase one of its enhanced fuel management system to further manage and optimize fuel efficiency across the group which will eventually lead to further reduction in emissions. Additionally, the airline has fully implemented a circular economy approach for inflight service items, ensuring all packaging is either biodegradable or recyclable. These efforts underscore Air Arabia’s dedication to sustainable innovation and responsible growth at the core of its operations. Further demonstrating its commitment to the community, Air Arabia’s ‘Charity Cloud’ program launched a new school in Cambodia. This addition joins 15 schools and clinics established across 18 countries, providing essential education and healthcare services to underserved communities.
