Air Arabia posts strong third quarter net profit of AED 297 million, up 26%
Air Arabia, the very first and largest low-cost carrier (LCC) in the Middle East and North Africa, today announced its financial outcomes for the 3rd quarter ending September 30, 2016, as the success of the business's growth strategy continued to be reflected in strong performance figures.
Air Arabia's net revenue for the 3rd quarter of 2016 was AED 297 million, up 26 per cent compared to AED 235 million reported in the matching period of 2015. Air Arabia served over 2.27 million passengers in the 3rd quarter of 2016, a 14 per cent increase compared to 2 million travelers in the very same duration of last year.
Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia stated: "The strong 3rd quarter and year to this day efficiency is a reflection of Air Arabia's commercial and operational strengths supported by the company's dedication to deliver high worth flight to its clients and return on investments to its investors".
He included: "Regardless of tough trading conditions owned by excess capacity in the market, political instability in some markets and the impact of lower oil price in the local economies, we stay positive about the long-term potential customers for the low cost market in region and our ability to continue with our growth plans while delivering our value-for-money guarantee to our consumer's everyday".
Air Arabia's net revenue for the first nine months of 2016 stood at AED 542 million, up 15 percent compared with AED 472 million reported in the matching period of 2015. For the 9 months ending September 30, 2016, the airline posted a turnover of AED 2.96 billion, an increase of 3 per cent compared to AED 2.86 billion in the very same duration of 2015. The affordable aviation pioneer served over 6.3 million travelers in the very first nine month of 2016, a 14 per cent year-on-year boost. The typical seat load aspect-- or passengers brought as a percentage of offered seats-- for the exact same period stood at a remarkable 80 percent.
Air Arabia completed 13 years last month, maintaining its continuous record of profitability considering that its first year of operations. The carrier included five new paths to its global network throughout the very first 9 months of 2016 from its operating hubs in the UAE, Morocco and Jordan.
Air Arabia likewise contributed to its remarkable list of worldwide awards in the 3rd quarter of 2016 when it was ranked 3rd among the leading 50 airline companies worldwide following a report compiled by Airfinance Journal surveying 137 providers across the globe. The provider was likewise named "Low Cost Airline company of the Year' at the Aviation Organisation Awards and took home the 'Corporate Social Responsibility Effort of the Year' award in recognition for its 'Charity Cloud' program. Air Arabia's Group Chief Executive Officer Adel Al Ali has likewise won 'Airline CEO of the Year' award at the 10th CEO Middle East Awards that took place in September 2016.
