UAE Equity Research - Air Arabia PJSC 3Q24 - First Look Note
The Company’s seat load factor stood at 81% in 3Q24, compared to 79% in 3Q23. Added three new aircraft in 9M24 and now operates 77 aircraft including 68 Airbus A320 and 9 Airbus A321 during 3Q24. The airline’s turnover grew 12.0% YOY to AED 5.0 Bn in 9M24.
Air Arabia’ served 16.7 Mn passengers in 2023 travelling through seven hubs located in the UAE, Morocco, Egypt, Armenia, and Pakistan with a load factor of 80.4%.
Robust passenger demand with higher other income and cost control management drives profitability
Air Arabia’ served 12.4 Mn passengers travelling through seven hubs located in the UAE, Morocco, Egypt, Armenia, and Pakistan with a load factor of 80% in 9M23.
Strong demand for air travel and cost control measures boosted profitability
Air Arabia’ served more than 7.7 Mn passengers traveling through seven hubs located in the UAE, Morocco, Egypt, Armenia, and Pakistan with a load factor of 81% in 1H23.
