Sharjah-based Air Arabia witnessed positive financial and operational results during the second quarter of this year.
The airline exceeded records with a net profit of $57.2 million for the three months, ending June 30, 2019, an increase of 75 per cent compared to the $32.7 million reported for the same period last year. The company’s turnover for the second quarter of 2019 increased by 22 per cent to $311.5 million, compared to $255.4 million in the corresponding period last year.
The stealthy Q2 results were backed by solid growth in passenger demand, with Air Arabia serving over three million passengers from its four hubs in the UAE, Morocco and Egypt, a 16 per cent jump on the 2.59 million passengers carried in the same quarter last year. The average seat load factor for the same quarter stood at an impressive 84 per cent.
Chairman, Air Arabia, Sheikh Abdullah Bin Mohamed Al Thani declared: “We are thrilled with the strong performance witnessed in the second quarter of this year, driven by our cost control measures, improved yield margins and strong passenger demand.”
Further to this, Air Arabia reported impressive H1 results, registering a net profit of $92 million – a 47 per cent increase compared to the $62.6 million reported for the same period last year. The company’s turnover for the first six months of 2019 reached $599 million, an increase of 20 per cent compared to the corresponding period last year. Air Arabia served over 5.82 million passengers from all its four hubs in the first half of 2019, a total increase of 12 per cent on passenger numbers in H1 of 2018. The average seat load factor – or passengers carried as a percentage of available seats – for the same period stood at an impressive 84 per cent.
Al Thani concluded: “Growth prospects for the MENA region remain positive for the aviation industry and especially for the low-cost travel segment. We look forward to the remaining of the year as we continue to focus on expanding our geographic reach, driving cost control measures and investing further in value-driven product offering to our customers.”