Air Arabia posts strong third quarter net profit of AED 297 million, up 26%
posted on Nov 13, 2016
- Third quarter revenue reaches AED 1.12 billion
- 2.27 million passengers flew with Air Arabia in third quarter ending September 30, 2016, up 14 per cent
Sharjah, UAE; November 13, 2016: Air Arabia, the first and largest low-cost carrier (LCC) in the Middle East and North Africa, today announced its financial results for the third quarter ending September 30, 2016, as the success of the company’s expansion strategy continued to be reflected in strong performance figures.
Air Arabia’s net profit for the third quarter of 2016 was
Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia 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 region and our ability to continue with our growth plans while delivering our value-for-money promise to our customer’s everyday”.
Air Arabia’s net profit for the first nine months of 2016 stood at
Air Arabia completed 13 years last month, maintaining its continuous record of profitability since its first year of operations. The carrier added five new routes to its global network during the first nine months of 2016 from its operating hubs in the UAE, Morocco and Jordan.
Air Arabia also added to its impressive list of international accolades in the third quarter of 2016 when it was ranked third among the top 50 airlines in the world following a report compiled by Airfinance Journal surveying 137 carriers across the globe. The carrier was also named “Low Cost Airline of the Year’ at the Aviation Business Awards and took home the ‘Corporate Social Responsibility Initiative of the Year’ award in recognition for its ‘Charity Cloud’ program. Air Arabia’s Group Chief Executive Officer Adel Al Ali has also won ‘Airline CEO of the Year’ award at the 10th CEO Middle East Awards that took place in September 2016.
*Source: TRACCS UAE