The first and biggest low-cost carrier (LCC) operator in the Middle East and North Africa, Air Arabia, reported impressive financial and operational results for the second quarter and first half of 2024 on Monday. The airline has been steadily growing its network to maintain its market-leading position. For the second quarter that ended on June 30, 2024, Air Arabia reported a net profit of Dhs427 million, which was 7% less than the Dhs459 million reported for the same period in 2023.
The airline’s turnover increased by 19% to Dhs1.65 billion in comparison to the second quarter of last year. Over 4.5 million passengers used Air Arabia Group’s operating hubs between April and June 2024, representing a 19% increase from the 3.8 million passengers carried in the same quarter of the previous year.
“The aviation industry continued to experience slower yield growth and rising costs during the second quarter of this year, despite the robust passenger demand. These challenges were primarily caused by economic and geopolitical uncertainties, currency fluctuations, fuel price volatility, and supply chain disruptions that have increased inflationary pressures.” he continued.
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