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Sharjah-based low-cost airline Air Arabia has reported a second quarter profit of 459 million dirhams ($125 million), up manifold versus the AED 160 million it made in the year-ago period due to inclusion of a one-off receivable.
The Dubai-listed airline, which also flies from Abu Dhabi and Ras Al Khaimah, said its turnover grew by 25% to AED 1.39 billion for Q2.
First half 2023 net profit increased by 78% reaching AED 801 million and turnover exceeded AED 2.8 billion
The carrier said in a statement that it flew 7.7 million passengers during the quarter, up 47% year-on-year.
The statement clarified that Q2 net profit also included an exceptional one-off receivable that the airline received from one of its suppliers.
The net profit beat analysts’ mean estimate of AED 278.67 million, according to data compiler Refinitiv.
(Writing by Brinda Darasha; editing by Seban Scaria)
