Air Arabia reports net profit up 57 pct year-on-year for Q3 2019

Air Arabia says it served 9.2 million passengers for the first nine months of 2019. (File photo: AFP)

Air Arabia reported a net profit of 471 million dirhams ($128.25 million) for Q3 2019, a 57 percent increase year-on-year from the AED 300 million reported in Q3 2018.

Sheikh Abdullah bin Mohamed Al Thani, the chairman of Air Arabia, attributed this performance to “higher customer demand, robust growth strategy and the cost control measures adopted by the management team.”

The airline saw a 10 percent increase in the number of passengers carried year-on-year, to over 3.5 million, from its four hubs in the UAE, Morocco, and Egypt.

For the first nine months of 2019, Air Arabia recorded a net profit of AED 809 million, a 53 percent increase year-on-year, and a turnover of AED 3.61 billion, an increase of 17 percent year-on-year, the airline said in a statement.

The airline added that for the first nine months of 2019 it has thus far served over 9.2 million passengers from its four hubs, an increase of 11 percent year-on-year.

“The current economic and trading conditions are impacting the aviation industry around the world, especially in the MENA region where we continue to witness unsettling geopolitical escalations and pressing economic challenges,” said Al Thani.

“Nonetheless, Air Arabia will cautiously continue with its growth plans and expanding its geographic reach while we remain committed to providing affordable and value driven air travel to our customers,” he added.

Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54