Air Arabia Sees Net Profit Up 21% In 2nd Quarter| MENAFN.COM

Friday, 19 August 2022 02:11 GMT

Air Arabia Sees Net Profit Up 21% In 2nd Quarter


(MENAFN- Somali Land Sun) Somalilandsun :Air Arabia(PJSC)today announcedstrongfinancial resultsforthesecond quarterofthis yearending June 30,2017as theMiddle East and North Africa's first and largest low-cost carriercontinuedto deliver robust andsustainedperformance.

Air Arabia'sfinancialresultsfor the second quarterending June 30, 2017 exceededanalysts'expectationsand registered a net profit ofAED158million,an increase of21percentcompared totheAED131millionreported for thesame period last year.The company's turnover for thesecond quarterof2017increased toAED906million,compared toAED894million in the corresponding period last year.Air Arabiaserved over 2.05million passengers in thesecondquarter of2017,whiletheaverage seat load factor or passengers carried as a percentage of available seats for the same quarter stood at an impressive79per cent.

Sheikh Abdullah Bin Mohammad AlThani, Chairman of Air Arabiasaid:'Air Arabia's strongsecond quarterfinancialperformance isatestament tothe carrier'soperational efficiency androbustgrowth strategy. Despitethecontinuouspressure on yield margins, which isdrivenby the market andtheeconomicenvironment,Air Arabiamanaged to register a solid second quarter net profitbackedby the carrier'scost control measures, operational efficiencyandcombined with itsmomentumgrowth.

Air Arabia's net profit for the first six months of 2017 stood atAED261 million, up 7 per cent compared to the corresponding period of 2016 while the turnover for the first six monthsof thisyearreached AED 1.716 billion.The low-cost aviation pioneer served over 4.1 million passengers in the first six monthsof 2017 while the average seat load factor or passengers carried as a percentage of available seats for the same period stood at an impressive 79 per cent.

'The first half of this year have seen Air Arabia continue its robustgrowthbylaunchingnew routes and increasing capacity across its operating hubswhile remaining focused on driving operating cost margins lower by the dayAlThanicontinued.

Air Arabiareceived two new Airbus A320 aircraft in the first half of 2017 ending June 30 andadded 12 new routes from its five operating hubs in the UAE, Morocco, Egypt and Jordan.Air Arabia currently serves a globaldestinationnetwork of 130 routes across the world.

Heconcluded: 'Weare confident about the appeal of low cost travel in general and Air Arabia services in particular across the markets we operatein. Aswe continue tofurther expandourreach andnetwork, we remain focused onoperational efficiency, cost controlas well asdelivering even more valuefor money air traveltoour customers.

- Ends

Air Arabia logoOAbout Air Arabia:

Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa's leading low-cost carrier (LCC). Air Arabia commenced operations in October 2003 and currently operates a total fleet of48new Airbus A320 aircraft, servingsome 130routes fromfive hubs in the UAE, Morocco,Egyptand Jordan.

Air Arabia is an award-winning airline that focuses on offering comfort, reliability and value-for-money air travel. For further information, please visit: www.airarabia.com.

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