Recent Research

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  FIRST LOOK NOTES

  19 Aug 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.75

  Target Price

  4.00

  Upside (%)

  +6.67%

  UAE Equity Research - Air Arabia 2Q25 - First Look Note

  Seat load factor across all hubs stood at 85% in 2Q25, compared to 79% in 2Q24. No. of passengers who travelled across all its hubs surged from 4.5 Mn in 2Q24 to 5.1 Mn in 2Q25. Added two aircraft in 1H25 with a total fleet of 83 owned and leased fleet.

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  FIRST LOOK NOTES

  16 May 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.52

  Target Price

  3.50

  Upside (%)

  -0.57%

  UAE Equity Research - Air Arabia PJSC 1Q25 - First Look Note

  The Company’s seat load factor stood at 84% in 1Q25. Order book of Air Arabia includes 120 aircraft of Airbus A320 category, with delivery scheduled from 2025. Added two new aircraft and now operates 83 aircraft including 74 Airbus A320 and 9 Airbus A321 in 1Q25.

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  FIRST LOOK NOTES

  25 Feb 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.43

  Target Price

  3.50

  Upside (%)

  +2.04%

  UAE Equity Research - Air Arabia 4Q24 - First Look Note

  The Company’s seat load factor stood at 83% in 4Q24, compared to 81% in 4Q23. Added ten new aircraft and nine leased aircraft in FY24 and now operates 81 aircraft including 72 Airbus A320 and 9 Airbus A321. The Airline’s turnover grew 10.7% YOY to AED 6.6 Bn in 2024.

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  FIRST LOOK NOTES

  22 Nov 2024

  Air Arabia

  BUY

  Last Closing Price

  2.91

  Target Price

  3.30

  Upside (%)

  +13.40%

  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.

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  FIRST LOOK NOTES

  12 Oct 2024

  Air Arabia

  BUY

  Last Closing Price

  2.58

  Target Price

  3.10

  Upside (%)

  +20.16%

  Volatility in oil prices and currency fluctuation impacted the bottom line

  The seat load factor stood at 79% in 2Q24, compared to 76% in 2Q23, reflecting a robust passenger demand.

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  FIRST LOOK NOTES

  06 Jun 2024

  Air Arabia

  BUY

  Last Closing Price

  2.33

  Target Price

  3.10

  Upside (%)

  +33.05%

  Inflationary pressure and currency fluctuations impacted the bottom line

  The Company served more than 4.4 Mn passengers in 1Q24 across seven hubs compared to 3.9 Mn passengers in 1Q23

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