Air Arabia Q3 profit up 57% to Dh471m
Air Arabia has reported a net profit of Dh471 million for the three months ending September 30, 2019, an increase of 57 per cent compared to the Dh300 million reported for the same period last year.
The low-cost carrier also announced that turnover for the third quarter of 2019 increased by 12 per cent to Dh1.438 billion, compared to Dh1.282 billion in the corresponding period last year. Officials noted that the results were backed by a solid growth in passenger demand. During the period, Air Arabia served over 3.4 million passengers from its four hubs in the UAE, Morocco, and Egypt, an increase of 10 per cent compared to the number of passengers carried in 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 per cent.
Sheikh Abdullah bin Mohamed Al Thani, chairman of Air Arabia, said: "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. We are glad that the strong Air Arabia performance witnessed in the first half of this year continued in the third quarter driven by higher customer demand, robust growth strategy and the cost control measures adopted by the management team."
Air Arabia also reported strong set of results for the first nine months ending September 30, 2019 registering a record net profit of Dh809 million; a 53 per cent increase compared to Dh530 million reported for the same period last year. The company's turnover for the first nine months of 2019 exceeded Dh3.611 billion, an increase of 17 per cent compared to Dh3 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 per cent compared to the same period of 2018.
The average seat load factor - or passengers carried as a percentage of available seats - for the same period stood at an impressive 83 per cent.
Al Thani added: "While Air Arabia managed to register record performance year to date, we remain focused on driving operational efficiency across board and delivering optimum value to our customers. The current economic and trading conditions are impacting the aviation industry around the world, especially in the MENA region where we continue to witness unsettling geopolitical escalations and pressing economic challenges. Nonetheless, Air Arabia will cautiously continue with its growth plans and expanding its geographic reach while we remain committed to providing affordable and value driven air travel to our customers."
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