Major Estimate Revision • May 21
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from د.إ8.58b to د.إ9.12b. EPS estimate fell from د.إ0.357 to د.إ0.32 per share. Net income forecast to grow 2.5% next year vs 17% decline forecast for Airlines industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ4.81. Share price fell 3.8% to د.إ4.76 over the past week. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: د.إ0.053 (vs د.إ0.065 in 1Q 2025) First quarter 2026 results: EPS: د.إ0.053 (down from د.إ0.065 in 1Q 2025). Revenue: د.إ1.80b (up 2.6% from 1Q 2025). Net income: د.إ248.2m (down 19% from 1Q 2025). Profit margin: 14% (down from 17% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 15
Air Arabia PJSC to Report Q1, 2026 Results on May 14, 2026 Air Arabia PJSC announced that they will report Q1, 2026 results on May 14, 2026 New Risk • Apr 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Dividend is not well covered by cash flows (227% cash payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.إ4.76, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Airlines industry in Asia. Total returns to shareholders of 170% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ2.15 per share. Upcoming Dividend • Mar 11
Upcoming dividend of د.إ0.30 per share Eligible shareholders must have bought the stock before 18 March 2026. Payment date: 15 April 2026. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 5.8%. Lower than top quartile of Emirian dividend payers (6.5%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to د.إ4.42, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Airlines industry in Asia. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ2.20 per share. Price Target Changed • Feb 26
Price target increased by 8.8% to د.إ4.79 Up from د.إ4.40, the current price target is an average from 8 analysts. New target price is 11% below last closing price of د.إ5.39. Stock is up 52% over the past year. The company is forecast to post earnings per share of د.إ0.38 for next year compared to د.إ0.35 last year. Announcement • Feb 18
Air Arabia PJSC, Annual General Meeting, Mar 12, 2026 Air Arabia PJSC, Annual General Meeting, Mar 12, 2026, at 14:00 Arabian Standard Time. Location: sharjah United Arab Emirates Declared Dividend • Feb 18
Dividend increased to د.إ0.30 Dividend of د.إ0.30 is 20% higher than last year. Ex-date: 20th March 2026 Payment date: 15th April 2026 Dividend yield will be 5.4%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not covered by cash flows (227% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risk Dividend is not well covered by cash flows (227% cash payout ratio). Reported Earnings • Feb 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: د.إ0.35 (up from د.إ0.31 in FY 2024). Revenue: د.إ7.79b (up 17% from FY 2024). Net income: د.إ1.63b (up 11% from FY 2024). Profit margin: 21% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 26
Air Arabia PJSC to Report Fiscal Year 2025 Results on Feb 12, 2026 Air Arabia PJSC announced that they will report fiscal year 2025 results on Feb 12, 2026 Price Target Changed • Nov 27
Price target increased by 7.2% to د.إ4.31 Up from د.إ4.02, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of د.إ4.32. Stock is up 47% over the past year. The company is forecast to post earnings per share of د.إ0.36 for next year compared to د.إ0.31 last year. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: د.إ0.12 (vs د.إ0.11 in 3Q 2024) Third quarter 2025 results: EPS: د.إ0.12 (up from د.إ0.11 in 3Q 2024). Revenue: د.إ2.04b (up 14% from 3Q 2024). Net income: د.إ582.5m (up 11% from 3Q 2024). Profit margin: 28% (in line with 3Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 04
Air Arabia PJSC to Report Q3, 2025 Results on Nov 11, 2025 Air Arabia PJSC announced that they will report Q3, 2025 results on Nov 11, 2025 Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: د.إ0.075 (vs د.إ0.084 in 2Q 2024) Second quarter 2025 results: EPS: د.إ0.075 (down from د.إ0.084 in 2Q 2024). Revenue: د.إ1.69b (up 2.2% from 2Q 2024). Net income: د.إ349.8m (down 10% from 2Q 2024). Profit margin: 21% (down from 24% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Air Arabia PJSC to Report Q2, 2025 Results on Aug 13, 2025 Air Arabia PJSC announced that they will report Q2, 2025 results at 2:00 PM, Arabian Standard Time on Aug 13, 2025 Buy Or Sell Opportunity • Jun 24
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 8.8% to د.إ3.45. The fair value is estimated to be د.إ2.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings are also forecast to grow by 2.3% per annum over the same time period. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: د.إ0.065 (vs د.إ0.052 in 1Q 2024) First quarter 2025 results: EPS: د.إ0.065 (up from د.إ0.052 in 1Q 2024). Revenue: د.إ1.76b (up 14% from 1Q 2024). Net income: د.إ305.1m (up 27% from 1Q 2024). Profit margin: 17% (up from 16% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
Air Arabia PJSC to Report Q1, 2025 Results on May 13, 2025 Air Arabia PJSC announced that they will report Q1, 2025 results on May 13, 2025 Declared Dividend • Feb 24
Dividend increased to د.إ0.25 Dividend of د.إ0.25 is 25% higher than last year. Ex-date: 26th March 2025 Payment date: 1st January 1970 Dividend yield will be 7.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 15
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: د.إ0.31 (down from د.إ0.33 in FY 2023). Revenue: د.إ6.64b (up 11% from FY 2023). Net income: د.إ1.47b (down 5.2% from FY 2023). Profit margin: 22% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 04
Air Arabia PJSC to Report Fiscal Year 2024 Results on Feb 14, 2025 Air Arabia PJSC announced that they will report fiscal year 2024 results on Feb 14, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: د.إ0.11 (vs د.إ0.11 in 3Q 2023) Third quarter 2024 results: EPS: د.إ0.11. Revenue: د.إ1.79b (up 9.6% from 3Q 2023). Net income: د.إ525.0m (flat on 3Q 2023). Profit margin: 29% (down from 32% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Airlines industry in Asia. Announcement • Oct 28
Air Arabia PJSC to Report Q3, 2024 Results on Nov 11, 2024 Air Arabia PJSC announced that they will report Q3, 2024 results on Nov 11, 2024 New Risk • Aug 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: د.إ0.084 (vs د.إ0.098 in 2Q 2023) Second quarter 2024 results: EPS: د.إ0.084 (down from د.إ0.098 in 2Q 2023). Revenue: د.إ1.66b (up 19% from 2Q 2023). Net income: د.إ390.1m (down 15% from 2Q 2023). Profit margin: 24% (down from 33% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
Air Arabia PJSC to Report First Half, 2024 Results on Aug 12, 2024 Air Arabia PJSC announced that they will report first half, 2024 results on Aug 12, 2024 Reported Earnings • May 15
First quarter 2024 earnings released: EPS: د.إ0.052 (vs د.إ0.073 in 1Q 2023) First quarter 2024 results: EPS: د.إ0.052 (down from د.إ0.073 in 1Q 2023). Revenue: د.إ1.54b (up 7.8% from 1Q 2023). Net income: د.إ241.0m (down 29% from 1Q 2023). Profit margin: 16% (down from 24% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Air Arabia PJSC to Report Q1, 2024 Results on May 13, 2024 Air Arabia PJSC announced that they will report Q1, 2024 results on May 13, 2024 Declared Dividend • Feb 24
Dividend of د.إ0.20 announced Shareholders will receive a dividend of د.إ0.20. Ex-date: 22nd March 2024 Payment date: 1st January 1970 Dividend yield will be 6.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 23
Air Arabia PJSC, Annual General Meeting, Mar 15, 2024 Air Arabia PJSC, Annual General Meeting, Mar 15, 2024, at 07:00 Coordinated Universal Time. Location: Air Arabia Head Office located on Airport Road, beside Sharjah International Airport Sharjah United Arab Emirates Agenda: To consider and approve the Board of Directors' Report on the Company's activity and its financial position for the fiscal year ended on 31/12/2023; to consider and approve the Auditor's Report for the fiscal year ended on 31/12/2023; to consider and discuss and approve the Company's Balance Sheet and Profit & Loss Account for the fiscal year ended on 31/12/2023; and to transact such other business matters. Reported Earnings • Feb 15
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: د.إ0.33 (up from د.إ0.26 in FY 2022). Revenue: د.إ6.00b (up 14% from FY 2022). Net income: د.إ1.55b (up 27% from FY 2022). Profit margin: 26% (up from 23% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 8.8%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be د.إ3.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings is also forecast to grow by 0.2% per annum over the same time period. Reported Earnings • Nov 18
Third quarter 2023 earnings: EPS in line with expectations, revenues disappoint Third quarter 2023 results: EPS: د.إ0.11 (up from د.إ0.089 in 3Q 2022). Revenue: د.إ1.63b (up 1.5% from 3Q 2022). Net income: د.إ521.6m (up 26% from 3Q 2022). Profit margin: 32% (up from 26% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 16
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from د.إ5.93b to د.إ5.82b. EPS estimate rose from د.إ0.305 to د.إ0.353. Net income forecast to grow 5.6% next year vs 4.1% growth forecast for Airlines industry in United Arab Emirates. Consensus price target of د.إ2.99 unchanged from last update. Share price was steady at د.إ2.70 over the past week. Announcement • Nov 02
Air Arabia PJSC to Report Q3, 2023 Results on Nov 13, 2023 Air Arabia PJSC announced that they will report Q3, 2023 results at 9:30 AM, Arabian Standard Time on Nov 13, 2023 Major Estimate Revision • Aug 21
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from د.إ5.81b to د.إ5.99b. EPS estimate increased from د.إ0.298 to د.إ0.344 per share. Net income forecast to shrink 4.6% next year vs 28% growth forecast for Airlines industry in United Arab Emirates . Consensus price target up from د.إ2.77 to د.إ3.01. Share price rose 2.2% to د.إ2.80 over the past week. New Risk • Aug 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Aug 18
Price target increased by 7.8% to د.إ2.97 Up from د.إ2.75, the current price target is an average from 8 analysts. New target price is 5.6% above last closing price of د.إ2.81. Stock is up 24% over the past year. The company is forecast to post earnings per share of د.إ0.34 for next year compared to د.إ0.26 last year. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Aug 15
Price target increased by 7.6% to د.إ2.92 Up from د.إ2.71, the current price target is an average from 8 analysts. New target price is 7.0% above last closing price of د.إ2.73. Stock is up 22% over the past year. The company is forecast to post earnings per share of د.إ0.35 for next year compared to د.إ0.26 last year. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: د.إ0.098 (vs د.إ0.034 in 2Q 2022) Second quarter 2023 results: EPS: د.إ0.098 (up from د.إ0.034 in 2Q 2022). Revenue: د.إ1.40b (up 25% from 2Q 2022). Net income: د.إ459.2m (up 187% from 2Q 2022). Profit margin: 33% (up from 14% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Aug 08
Air Arabia PJSC to Report Q2, 2023 Results on Aug 11, 2023 Air Arabia PJSC announced that they will report Q2, 2023 results on Aug 11, 2023 Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: د.إ0.073 (up from د.إ0.062 in 1Q 2022). Revenue: د.إ1.43b (up 27% from 1Q 2022). Net income: د.إ341.6m (up 17% from 1Q 2022). Profit margin: 24% (down from 26% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 24
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from د.إ5.81b to د.إ6.02b. EPS estimate increased from د.إ0.26 to د.إ0.298 per share. Net income forecast to grow 15% next year vs 15% growth forecast for Airlines industry in United Arab Emirates. Consensus price target up from د.إ2.54 to د.إ2.62. Share price fell 2.2% to د.إ2.27 over the past week. Reported Earnings • Feb 17
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: د.إ5.24b (up 65% from FY 2021). Net income: د.إ1.22b (up 70% from FY 2021). Profit margin: 23% (in line with FY 2021). Revenue missed analyst estimates by 1.5%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Airlines industry in Asia. Major Estimate Revision • Feb 16
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from د.إ0.259 to د.إ0.32. Revenue forecast steady at د.إ5.81b. Net income forecast to grow 7.0% next year vs 0.9% decline forecast for Airlines industry in United Arab Emirates. Consensus price target up from د.إ2.48 to د.إ2.54. Share price was steady at د.إ2.32 over the past week. Major Estimate Revision • Nov 18
Consensus revenue estimates increase by 17% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from د.إ4.67b to د.إ5.47b. EPS estimate increased from د.إ0.21 to د.إ0.27 per share. Net income forecast to shrink 0.8% next year vs 20% decline forecast for Airlines industry in United Arab Emirates. Consensus price target up from د.إ2.32 to د.إ2.40. Share price was steady at د.إ2.10 over the past week. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Samer Katerji was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: د.إ0.09 (vs د.إ0.045 in 3Q 2021) Third quarter 2022 results: EPS: د.إ0.09 (up from د.إ0.045 in 3Q 2021). Revenue: د.إ1.61b (up 100% from 3Q 2021). Net income: د.إ415.7m (up 99% from 3Q 2021). Profit margin: 26% (in line with 3Q 2021). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: د.إ0.034 (vs د.إ0.002 in 2Q 2021) Second quarter 2022 results: EPS: د.إ0.034 (up from د.إ0.002 in 2Q 2021). Revenue: د.إ1.11b (up 125% from 2Q 2021). Net income: د.إ160.1m (up د.إ149.7m from 2Q 2021). Profit margin: 14% (up from 2.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 53% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: د.إ1.13b (up 97% from 1Q 2021). Net income: د.إ290.9m (up د.إ257.0m from 1Q 2021). Profit margin: 26% (up from 5.9% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 18%. Over the next year, revenue is forecast to grow 28%, compared to a 50% growth forecast for the industry in United Arab Emirates. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Samer Katerji was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 15% share price gain to د.إ1.94, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Airlines industry in Asia. Total returns to shareholders of 117% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ3.52 per share. Price Target Changed • Mar 10
Price target increased to د.إ1.92 Up from د.إ1.72, the current price target is an average from 4 analysts. New target price is 17% above last closing price of د.إ1.65. Stock is up 30% over the past year. The company is forecast to post earnings per share of د.إ0.22 for next year compared to د.إ0.15 last year. Major Estimate Revision • Feb 22
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from د.إ3.82b to د.إ4.39b. EPS estimate increased from د.إ0.16 to د.إ0.22 per share. Net income forecast to grow 48% next year vs 69% growth forecast for Airlines industry in United Arab Emirates. Consensus price target up from د.إ1.62 to د.إ1.72. Share price rose 6.5% to د.إ1.65 over the past week. Reported Earnings • Feb 16
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: د.إ0.15 (up from د.إ0.041 loss in FY 2020). Revenue: د.إ3.17b (up 72% from FY 2020). Net income: د.إ719.9m (up د.إ912.1m from FY 2020). Profit margin: 23% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates by 200%. Over the next year, revenue is forecast to grow 20%, compared to a 51% growth forecast for the airlines industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Feb 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Samer Katerji was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Dec 15
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from د.إ0.06 to د.إ0.08. Revenue forecast steady at د.إ2.72b. Net income forecast to grow 129% next year vs 96% growth forecast for Airlines industry in United Arab Emirates. Consensus price target of د.إ1.62 unchanged from last update. Share price rose 2.1% to د.إ1.49 over the past week. Price Target Changed • Nov 21
Price target increased to د.إ1.60 Up from د.إ1.49, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of د.إ1.54. Stock is up 31% over the past year. The company is forecast to post earnings per share of د.إ0.064 next year compared to a net loss per share of د.إ0.041 last year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS د.إ0.04 (vs د.إ0.009 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: د.إ804.4m (up 174% from 3Q 2020). Net income: د.إ208.9m (up د.إ253.0m from 3Q 2020). Profit margin: 26% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS د.إ0.002 (vs د.إ0.051 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: د.إ495.7m (up 314% from 2Q 2020). Net income: د.إ10.4m (up د.إ249.5m from 2Q 2020). Profit margin: 2.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. 
