Air Arabia doubles third-quarter profit and revenue

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Air Arabia almost doubled its third-quarter net profit to Dhs416 million ($113 million) as it focuses on diversifying and expanding its business.

Revenue in the three-month period ended 30 September also doubled to Dhs1.6 billion from Dhs804 million. Passenger numbers across the group's bases in the UAE, Morocco, Egypt and Armenia climbed to more than 3.9 million from 1.9 million a year earlier, says the UAE-based carrier.

For the first nine months of 2022, Air Arabia has reported a net profit of Dhs867 million, up from Dhs253 million in the same period of 2021. Revenue for the first nine months of the year grew to Dhs3.8 billion from Dhs1.8 billion a year earlier.

"Air Arabia maintained its robust growth in the first nine months of this year by launching the operations of its joint venture airline in Armenia as well as adding new routes and flights across the carrier's global network," states chairman Sheikh Abdullah Bin Mohamed Al Thani, adding that the carrier "remains focused on diversifying and expanding its business while investing in product innovation and adopting further measures to control costs". 

While the aviation industry faces "many geopolitical challenges and economic uncertainty", Al Thani says Air Arabia has "full confidence in the business model we operate".

It added 10 new aircraft to its fleet and launched 14 new routes in the first nine months of 2022. In September, the group announced plans to launch Air Arabia Sudan as a joint venture with DAL Group. The following month, Air Arabia's Fly Jinnah joint venture in Pakistan received its air operator certificate. It began domestic operations across a network of five Pakistani destinations this month.