Dubai – Mubasher: The net profits attributable to the shareholders of Air Arabia jumped to AED 341.56 million in the first quarter (Q1) of 2023, compared to AED 290.86 million in Q1-22.

The group posted revenues amounting to AED 1.42 billion as of 31 March 2023, an annual surge of 27% from AED 1.12 billion, according to the consolidated interim financial results.

Basic and diluted earnings per share (EPS) increased to AED 0.07 during Q1-23 from AED 0.06 Q1-22.

Total assets reached AED 14.62 billion in the January-March 2023 period, compared to AED 14.43 billion as of 31 December 2022.

Air Arabia added nine new routes to its global network from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan during Q1-23.

Sheikh Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, highlighted: “Air Arabia’s strong financial results in the first three months (3M) of this year reflects our unwavering commitment to operational excellence, rigid cost control measures, and our prudent management team.”

“Despite the ongoing global economic and geopolitical uncertainty, our focus on driving profitability and maintaining an efficient operation has enabled us to deliver solid financial and operational results,” Al Thani said.

The Chairman noted: “We are confident in our ability to navigate through market challenges and capitalise on new opportunities while ensuring we continue to deliver the best value for our customers and shareholders.”

Last March, the shareholders of Air Arabia greenlighted a cash dividend of 15 fils per share for 2022.

In the January-December 2022 period, the DFM-listed company witnessed 70% higher net profits attributable to the owners at AED 1.22 billion, compared to AED 719.92 million in 2021.