Posted on: 11 November 2014 by Mark Howells
Air Arabia has reported its financial results for the first nine months of the year, ending 30 September 2014, including net profit of AED 498 million, a record for the first nine months of a year.
That net profit figure was up 46% from the AED 341 million reported in the corresponding period of 2013.
For the nine months ending 30 September 2014, the airline posted a turnover of AED 2.8 billion, an increase of 17% compared with the AED 2.4 billion in the same period of 2013. The airline company carried more than 5.1 million passengers in the first nine month of 2014, a 13% year-on-year increase. The average seat load factor for the same period stood at 82%.
“Air Arabia’s excellent performance for the year to date demonstrates the strength of its underlying business model and the effectiveness of its growth strategy,” declared Sheikh Abdullah Bin Mohammed Al Thani, chairman of Air Arabia. “Our focus on expanding both our operational footprint and our route network has created a dynamic platform able to respond to customer demand and seize new commercial opportunities.”
Air Arabia’s net profit for the third quarter of 2014 (3Q14) was AED 251 million, up 22% compared with AED 206 million in 3Q13. For the three months ending 30 September 2014, the airline posted a turnover of AED 1.06 billion, up 25% over the AED 854 million in 3Q13. Air Arabia served over 1.75 million passengers in 3Q14, a 15% increase compared with the 1.52 million passengers in 3Q13. The 3Q14 load factor was 80%.
“The record third quarter performance is a reflection of the company’s commitment to its core values underlined by its operational efficiency and unique value preposition,” Al Thani added. “Despite ongoing political uncertainty in parts of the region adding to the challenge presented by fluctuating trend in fuel prices, we remain highly confident about the long-term prospects for the industry in the MENA region and our ability to march ahead with our growth plans while delivering our value-for-money promise to our customer’s every day.”