Air Arabia Reports net profit of AED 230 million in First Half of 2018, Carrying a Solid 4.2 million Passenger

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Air Arabia Reports net profit of AED 230 million in First Half of 2018, Carrying a Solid 4.2 million Passenger

Air Arabia (PJSC) today announced strong economic outcomes for the initial fifty percent finishing June 30, 2018 as the Middle East and North Africa's initial and biggest low-priced service provider continuouslied supply strong and sustained financial performance.

Air Arabia reported a net profit of AED 230 million for the very first fifty percent finishing June 30, 2018; a 12 percent much less than the AED 261 million reported for the very same period in 2014. The company's turn over for the first 6 months of 2018 got to AED 1.816 billion, a boost of 6 per cent compared to AED 1.716 billion in the matching period last year. Air Arabia's strong earnings are registered despite the financial pressure that airline companies have observed in the 2nd quarter of this year, which was driven by lower yield margins, higher gas prices and seasonality shift in website traffic that the market has experienced.

Marking strong growth in passenger demand, Air Arabia flew 4.2 million passengers throughout the first half of 2018 and the airline's typical seat tons aspect for the first 6 month of 2018 - travelers carried as a portion of offered seats-- stood at impressive 79 percent.

Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia said: Air Arabias strong financial results are a testament to the airlines robust growth strategy, operational efficiency and unwavering commitment to delivering on its value-added proposition for customers.

He proceeded: "The global aviation industry needed to cope up with pushing economic difficulties during the 2nd quarter of this year and we rejoice to see Air Arabia remaining to deliver strong financial and functional performance while keeping its momentum development throughout the breadth of its network."

The company's turnover in the 2nd quarter ending June 30, 2018 got to AED 938 million, a 4 per cent boost compared with the very same duration of 2017. Internet revenue throughout the second quarter 2018 stood at AED 120 million, a 24 per cent much less compared to the equivalent period of 2017. Air Arabia flew over 2.05 million travelers in the 2nd quarter finishing June 30, 2018 and the airline's ordinary seat lots element for the very same duration stood at a high 78 per cent.

He concluded: "Trading conditions remain to be influenced by the regional geopolitical and economic challenges, however, the overview of affordable traveling in the region remains extremely solid. We continuously focus on additional expanding our reach and functional efficiency maximizing the fundamental toughness of our business design and the value driven item offering to our customers".

Throughout the first half of 2018, Air Arabia got three new Jet A320 aircrafts bringing its fleet dimension to 53 aircraft. The service provider included a total amount of 12 new paths to its global network in the first fifty percent of this year. Flights from Air Arabia's major center in Sharjah started to Moscow Sheremetyevo and Grozny in Russia; Bodrum and Izmir in Turkey; and Qabala in Azerbaijan. The carrier additionally increased its operation from its Egypt hub with brand-new trips connecting Alexandria to Milan; Alexandria to Sharm El Sheikh; Sohag to Jeddah and Kuwait; and Sharm El Sheikh to Beirut and Hurghada. The provider additionally increased residential operation from its Morocco hub with a brand-new trip connecting Nador with Casablanca. Air Arabia today runs flights to over 150 global locations in 49 countries from four hubs in the UAE, Morocco, and Egypt.

In March, Air Arabia obtained the Corporate Editor Choice Award at the 2018 Air Transportation Awards arranged by Air Transport Information, in acknowledgment of Air Arabia's continued dedication to guest complete satisfaction and advancement within the industry.

In June, the provider stated that the economic exposure it has with the private equity firm Abraaj is restricted to the Group's investment portfolio and that there is no substantial impact on Air Arabia's business or on its liquidity standing. As the court-supervised restructuring of Abraaj's financially stressed out funds is presently happening, Air Arabia's appointed group of experts continuously be proactively involved with the designated JPL's along with all stakeholders and lenders associated with this matter to guarantee that the rights of capitalists - consisting of Air Arabia - are preserved.