Friday , November 22 2019

Air Arabia Q3 profits jump 57% to AED471 million

SHARJAH / WAM

Air Arabia, the Middle East and North Africa’s largest low-cost carrier, on Sunday announced strong financial results for the third quarter of this year ending September 30.
Air Arabia registered a record profit of AED471 million for the three months ending September 30, an increase of 57 per cent compared to the AED300 million reported for the same period last year. The company’s turnover for the third quarter of 2019 increased by 12 percent to AED1.438 billion, compared to AED1.282 billion during the corresponding period last year.
The strong third quarter financial results were backed by a solid growth in passenger demand during this period, with Air Arabia serving over 3.4 million passengers from its hubs in the UAE, Morocco and Egypt, an increase of 10 percent compared to the number of passengers carried during the same quarter last year.

The average seat load factor – or passengers carried as a percentage of available seats for the same quarter – stood at 82 percent.
“Air Arabia’s record performance in the third quarter of this year reflects the strength of the business model we operate, and the added value we bring to our customers everyday,” said said Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia.
Air Arabia also reported strong results for the first nine months ending 30th September, 2019, registering a record net profit of AED 809 million, a 53 per cent increase compared to AED 530 million reported during the same period last year. The company’s turnover for the first nine months of 2019 exceeded AED3.611 billion, an increase of 17 percent compared to AED3 billion in the corresponding period last year.
Air Arabia served over 9.2 million passengers from all its four hubs in the first nine months of 2019, an increase of 11 percent compared to the same period of 2018. The average seat load factor for the same period stood at 83 percent.

About Admin

Check Also

Oil steadies after hitting 2-week low

Bloomberg Oil steadied after falling to a two-week low on signs of swelling American crude ...

Leave a Reply

Your email address will not be published. Required fields are marked *