Air Arabia has reported a record net profit of AED 1.5 billion for the full year ending December 31, 2023; representing a 27 per cent increase compared to the AED 1.2 billion recorded in 2022. Turnover for the same period reached AED 6 billion, reflecting a 14 per cent increase compared to the AED 5.2 billion registered in 2022. The airline achieved double-digit growth in profitability and passenger numbers.
Air Arabia’s Board of Directors proposed a dividend distribution of 20 per cent of share capital, which is equivalent to 20 fils per share. This proposal was made following a meeting of the board of directors of Air Arabia and is subject to ratification by Air Arabia’s shareholders at the company’s upcoming Annual General Meeting.
In 2023, Air Arabia demonstrated its commitment to robust growth by expanding operations across its seven operational hubs and introducing 26 new routes within its global network. This strategic expansion resulted in an increase in operational capacity, which was further complemented by an impressive 31% surge in the number of passengers carried across the group, reaching a remarkable 16.7 million passengers.
In the fourth quarter ending December 31, 2023; Air Arabia reported a net profit of AED 225 million, 37 per cent less than the AED 356 million recorded in the same quarter last year, which had witnessed record high yield margins. The turnover for the last quarter of 2023 increased by 11% to reach AED 1.54 billion and the seat factor for the quarter remained strong at 81%.
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