Air Arabia Q3 net profit up 26pc
Quarterly revenue in line with 2015 figure
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Air Arabia, the largest low-cost carrier in the Middle East and North Africa, has reported a net profit of Dhs297 million ($80.8 million) for the third quarter of the year, up 26 per cent compared to Dhs235 million ($63.9 million) recorded in the same period in 2015.
For the three months ending 30 September, 2016, the airline posted a turnover of Dhs1.12 billion ($304.8 million), in line with the revenue generated in the same period of 2015.
Air Arabia served more than 2.27 million passengers in the third quarter of 2016, a 14 per cent increase compared to two million passengers in the same period of last year. The average seat load factor - or passengers carried as a percentage of available seats - for the same quarter stood at 81 per cent.
Shaikh Abdullah Bin Mohammed al Thani, Air Arabia chairman, said: “The strong third quarter and year to date performance is a reflection of Air Arabia’s commercial and operational strengths supported by the company’s commitment to deliver high value air travel to its customers and return on investments to its shareholders."
He added: “Despite challenging trading conditions driven by excess capacity in the market, political instability in some markets and the effect of lower oil price in the regional economies, we remain confident about the long-term prospects for the low cost industry in the region and our ability to continue with our growth plans while delivering our value-for-money promise to our customers every day."
Air Arabia’s net profit for the first nine months of 2016 stood at Dhs542 million ($147.5 million), up 15 per cent compared to Dhs472 million ($128.4 million) reported in the corresponding period of 2015. For the nine months ending 30 September, 2016, the airline posted a turnover of Dhs2.96 billion ($805.6 million), an increase of three per cent compared to Dhs2.86 billion ($778.4 million) in the same period of 2015. - TradeArabia News Service
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