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Air Arabia flies in record net profit of Dh1.5 billion in 2023

 Air Arabia has achieved record financial results for the full year ending December 31, 2023, the airline said in a media release on Tuesday.

The airline achieved double-digit growth in profitability and passenger numbers, with a record 27 per cent increase in net profit.

The budget-carrier reported net profit of Dh1.5 billion for 2023, up from Dh1.2 billion recorded in 2022. The airline’s turnover for the same period was Dh6 billion – a 14 per cent increase from Dh5.2 billion in 2022.

Air Arabia’s Board of Directors proposed a dividend distribution of 20 per cent of share capital, equivalent to 20 fils per share.

Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “2023 has been a remarkable year for the airline. Air Arabia has successfully maintained its growth momentum from the previous record-breaking year and achieved exceptional financial and operational results.

“The significant milestones attained in terms of growth, revenue, and profitability serve as a testament to Air Arabia’s robust business model, competent management team, and effective growth strategy.”

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