Air Arabia Reports strong Nine-month 2018 net profit of AED 530 million
Air Arabia, the first as well as biggest low-cost carrier (LCC) Middle East and also North Africa, announced today its financial outcomes for the nine months ending September 30, 2018, demonstrating high degrees of productivity and also solid functional metrics.
Throughout the first nine months of 2018, Air Arabia signed up a turnover of AED 3 billion, 8 percent increase contrasted to AED 2.8 billion registered during the same duration in 2015. Net revenue for the first nine months of this year stood at AED 530 million, 17 per cent less than the internet earnings recorded for the equivalent duration in 2017. Air Arabia's robust financial performance was recorded regardless of the solid impact of high oil cost and money decrease on the industry's bottom line.
More than 6.6 million passenger flew with the affordable pioneer throughout the nine months of 2018 while the typical seat load variable-- or travelers brought as a portion of offered seats-- for the exact same period stood at an excellent 80 per cent.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia said: Supported by strong revenue figures and passenger demand; Air Arabias net profit for the third quarter and year to date remained strong despite profit margins being impacted by the sharp rise in fuel price and the currency devaluation witnessed in several key travel markets.
Profits for the 3rd quarter finishing September 30, 2018, stood at AED 1.28 billion, a 10 percent boost compared with AED 1.16 billion in the exact same duration of 2017. Internet revenue in the 3rd quarter of 2018 reached AED 300 million, 20 percent less than the equivalent 2017 figure. More than 2.4 million passengers were served in the third quarter of 2018, a 5 percent increase on the equivalent duration of 2017, while the typical seat tons element stood at an impressive 81 per cent.
He continued: "The international economic outlook continues to be under renewed stress and also airlines worldwide have been tested by pressured yield margins and rise in price structure while political and economic tensions continue to drive currency and also oil cost volatility. Our company believe that such impactful difficulties are temporary and also the long term outlook for the low cost traveling in the region remains fundamentally strong".
Air Arabia grew its international network year to-date to go beyond 150 locations worldwide offered from numerous hubs spread throughout the UAE, Morocco and also Egypt, with a fleet of 53 aircraft, and also prepare for additional expansion in 2019. The carrier won two honors in the 3rd quarter of this year winning the most effective Arabian Airline Company at Oriental Arab Honors 2018 along with the Middle East Leading Ingenious Airline Company at the Traveling Tech Gala Honors 2018.
He concluded: Air Arabias continued focus on generating profitable growth combined with strong cost control measures will continue to deliver robust financial performance while providing our growing customer base with greater travel opportunities.
Air Arabia commemorated 15 years of successful operations in October this year by unveiling its brand-new brand name identity which is reflective of its innovative progressive as well as international technique. Air Arabia Group has now grown to end up being a leading publicly provided company consisting of airline companies and also services providing traveling and tourist services around the world.
