Air Arabia reports successful 2017 financial results

Air Arabia

Air Arabia recently released its full-year financial results for 2017, which demonstrate high levels of profitability and growth across its operations.

The airline’s net profit for the full year totaled $180.3 million, indicating a 30 per cent jump compared to the results achieved in 2016. Turnover for the full year 2017 reached $1.02 billion, with more than 8.5 million passengers flying with Air Arabia throughout the year, and an average seat load factor of 79 per cent.

Air Arabia adopted 21 new routes to its global network in 2017 from its five operating hubs in the UAE, Morocco, Egypt and Jordan. The carrier took delivery of four new aircraft and closed the year with a fleet of 50 Airbus A320 aircraft operating to 140 routes across the Middle East, Africa, Asia and Europe.

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Chairman, Air Arabia, Sheikh Abdullah Bin Mohammad Al Thani stated: “Air Arabia has enjoyed consistent and sustained growth in 2017, driven by its network expansion strategy and cost control measures, helping us to once again deliver a strong set of results. While political and economic challenges continued to impact the performance of the aviation sector in 2017, we have focused more keenly than ever on ensuring the highest level of operational efficiency and appealing product offering.

“Air Arabia’s ability to continue to report sustained profitability and achieve solid growth margins across our network reflects the strength of our business model and the carrier’s management team,” he added.

In Q4 of 2017, Air Arabia reported a net profit of $7.08 million, while turnover for the three months ending December 31 was $233.6 million, a 5.4 per cent rise on the same period in 2016.

Air Arabia flew over two million passengers in the final quarter of 2017 at an impressive seat factor of 78 per cent.

Sheikh Al Thani concluded: “We believe Air Arabia has the right business model, operating base and infrastructure in place to continue delivering innovative value driven services to our customers. We will continue to explore opportunities and enter into new ventures that will best serve the airline’s ambitious growth plans and at the same time provide highest returns to our shareholders.”