Dubai – Mubasher: The net profits of Air Arabia enlarged by 242% year-on-year (YoY) to AED 866.63 million in the first nine months (9M) of 2022, compared to AED 253.12 million.

The revenues totalled AED 3.84 billion in 9M-22, a 106% YoY hike from AED 1.87 billion, according to the income statements.

Basic and diluted earnings per share (EPS) rose to AED 0.18 in 9M-22 from AED 0.05 in 9M-21.

In the third quarter (Q3) of 2022, the net profits jumped by 99% YoY to AED 415.71 million from AED 208.87 million, whereas the revenues enlarged by 100% YoY to AED 1.60 billion from AED 804.36 million.

Meanwhile, the basic and diluted EPS stood at AED 0.09 in Q3-22, versus AED 0.04 in Q3-21.

During the July-September 2022 period, over 3.90 million passengers flew with Air Arabia across the carrier’s six hubs in the UAE, Morocco, Egypt, and Armenia. The group witnessed a 103% YoY leap in the number of passengers during Q3-22.

Abdullah bin Mohamed Al Thani, Chairman of Air Arabia, said: “We are glad to witness another record performance supported by the strong passenger demand and rigid cost control measures adopted by the management team.”

Al Thani added: “Air Arabia maintained its robust growth in 9M-22 by launching the operations of its joint venture airline in Armenia as well as adding new routes and flights across the carrier’s global network.”

In the first half (H1) of 2022, the airline generated AED 451 million net profits, higher than AED 44 million in the year-ago period.