Air Arabia’s bottomline grew 26% y-o-y in Q3 2023 on the back of rising passenger demand

Emirati low-cost carrier Air Arabiasaw its net income rise 26% y-o-y to reach AED522 mn in 3Q 2023, according to quarterly financials (pdf). Revenues inched up by 1% y-o-y to AED 1.63 bn during the same period. This came as passenger volumes rose 21% y-o-y during the quarter.

On a 9M basis: The airline’s bottomline surged 53% y-o-y to AED 1.32 bn in 9M 2023, with revenues increasing 16% y-o-y to AED 4.45 bn.

What they said: “Air Arabia’s record performance in the third quarter of this year was driven by robust passenger demand and effective cost control measures implemented by the management team,” Chairman of Air Arabia Sheikh Abdullah Bin Mohamed Al Thani said in an earnings release.

Looking ahead: The airline remains “cautiously optimistic,” as airlines continue to navigate a “turbulent geopolitical and macroeconomic environment,” it said in the earnings release.