Tuesday, February 13, 2024
Air Arabia Achieves Record Financial Performance in 2023, Boasting Double-Digit Growth in Profitability and Passenger Numbers
Air Arabia disclosed in a press release on Tuesday that it has attained unprecedented financial success for the fiscal year ending December 31, 2023.
The airline marked a substantial surge in both profitability and passenger figures, with a remarkable 27 percent upsurge in net profit.
The low-cost carrier reported a net profit of Dh1.5 billion for the year 2023, showcasing an increase from Dh1.2 billion in the previous year of 2022. Additionally, the airline’s turnover for the same period amounted to Dh6 billion, reflecting a 14 percent increase from Dh5.2 billion in 2022.
Moreover, Air Arabia witnessed a significant rise in passenger traffic, catering to 16.7 million travelers throughout the year, representing a notable 31 percent increase from the 12.8 million passengers served in 2022.
Proposing a dividend distribution of 20 percent of share capital, equivalent to 20 fils per share, the Board of Directors of Air Arabia seeks to further enhance shareholder value.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “2023 has been a remarkable year for the airline. Air Arabia has successfully maintained its growth momentum from the previous record-breaking year and achieved exceptional financial and operational results.
“The significant milestones attained in terms of growth, revenue, and profitability serve as a testament to Air Arabia’s robust business model, competent management team, and effective growth strategy.”
He continued, “Despite the numerous geopolitical and economic challenges faced by the global aviation industry, the Air Arabia group managed to sustain its strong growth in 2023. This was achieved through the increase of operating capacity and the addition of new routes across our global network from all our hubs. We take pride in the fact that Air Arabia’s value-driven product and services now cater to a broader customer base and reach more markets.”
In 2023, Air Arabia expanded its global network by adding 26 new routes, thereby increasing the total network size to 206 routes. The airline’s operational fleet expanded to encompass 73 Airbus A320 and A321 aircraft stationed across all hubs.
Al Thani continued: “Despite the softening in yield margins during the last quarter of the year and the ongoing challenges in the industry’s supply chain, Air Arabia demonstrated resilience by registering a solid profitability while maintaining an impressive seat load factor and growth in revenue and passenger numbers.
“This outstanding performance serves as a testament to Air Arabia’s effective operational and commercial strategy, as well as its unwavering commitment to consistently delivering genuine value to its customers.”
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
