Air Arabia, the Middle East and North Africas first and largest low-cost carrier, announced strong financial results for the third quarter of this year ending September 30, 2017 as the carrier continued to deliver solid and sustained operational and financial performance.
Air Arabias financial results for the third quarter ending September 30, 2017 exceeded analysts expectations and registered a net profit of AED376mn, an increase of 27% compared to the AED297mn reported for the same period in 2016. The companys turnover for the third quarter of 2017 increased by 4% to AED1.16bn, compared to AED1.12bn in the corresponding period last year. Air Arabia served over 2.33 million passengers in the third quarter of 2017, an increase of 3% compared to the same period of last year while the average seat load factor or passengers carried as a percentage of available seats for the same quarter stood at an impressive 81%.
Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia said: The solid third quarter results reflect the continuous appeal for our value driven product combined with the cost control measures and robust growth strategy adopted by the airline management team. We are glad to see Air Arabia delivering strong financial and operational performance throughout 2017 despite the continuous pressure on yield margins that airlines in the region are witnessing.
Air Arabias net profit for the first nine months of 2017 stood at an impressive AED637mn, up 18% compared to the corresponding period of 2016 while the turnover for the first nine months of this year reached AED2.88bn. Air Arabia served over 6.5 million passengers in the first nine months of 2017 while the average seat load factor or passengers carried as a percentage of available seats for the same period stood at an impressive 80%.
Air Arabia received three new Airbus A320 aircraft in the first nine months of 2017 ending September 30 and added 14 new routes from its five operating hubs in the UAE, Morocco, Egypt, and Jordan. The carrier currently serves a global destination network of 133 routes across the world.
Al Thani further said: Air Arabia continued its robust growth in the first nine months of this year and while we maintain our expansion and reach across all markets, we remain focused on providing customers with the worlds best value driven air travel while focusing on operational efficiency and cost control.”