Budget airline Air Arabia posted record third-quarter profit on Monday, reflecting strong travel demand as passenger traffic rose.
Net profit for the three months to the end of September jumped to Dh522 million ($142.1 million), up 26 per cent from Dh416 million in the same period last year, the UAE's only publicly listed airline said in a statement on Monday.
The number of passengers carried during the period rose 21 per cent to 4.7 million.
“Air Arabia’s record performance in the third quarter of this year was driven by robust passenger demand and effective cost control measures implemented by the management team,” said Sheikh Abdullah bin Mohammad Al Thani, chairman of Air Arabia.
Demand for air travel has risen sharply as passengers travel abroad for holidays after a pandemic-induced travel lull.
Global passenger traffic rebounded to 97.3 per cent of its pre-pandemic levels in September, driven by record domestic traffic, the International Air Transport Association said last week.
Air Arabia operates from seven airports: Sharjah, Ras Al Khaimah, Abu Dhabi, Morocco, Egypt, Armenia and Pakistan.
The airline’s net profit for the first nine months of 2023 jumped 53 per cent on an annual basis to a record Dh1.32 billion, as the number of passengers carried soared 36 per cent to 12.4 million.
During the first nine months of the year, the airline added two leased Airbus A320 aircraft to its fleet, bringing it to 72 leased and owned Airbus A320 and A321.
The airline added a total of 17 new routes during the period, bringing the total network size to 206 routes.
“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,” its chairman said.
