Air Arabia ranks first on Airfinance Journal’s list of top 100 global airlines

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Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier (LCC), has been ranked number one on Airfinance Journal’s list of top 100 global airlines.
Air Arabia is the first publicly listed airline in the region with assets worth over Dh13 billion.

Airfinance Journal ‘The Airline Analyst’ is considered the most comprehensive and detailed picture of airlines’ financial and operational data available in the market.

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Air Arabia operates from four international hubs in Sharjah International Airport, UAE; Abu Dhabi International Airport, Ras Al Khaimah International Airport, UAE; Mohamed V International Airport in Morocco; and Burj Al Arab International Airport in Alexandria, Egypt.

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Airfinance evaluated the performance of 100 airlines worldwide, based on a set of operational and financial parameters, including total revenue, net income, Ebtidar margins, fixed charges, liquidity, leverage, fleet size, and average age of fleet, with Air Arabia coming top, for the first time.

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The top 100 airlines list measured the financial and performance metrics of all 100 airlines’ last twelve-month (LTM) figures from March 31, 2019 to 31 March 31, 2020. Air Arabia’s top overall ranking ahead of 99 other global airline companies came after scoring highest average across all variable metrics that the report took into consideration.

Adel Al Ali, Group Chief Executive Officer, Air Arabia, said: “The Airfinance report is purely based on financial and performance data and the fact that Air Arabia managed this year to rank first in the world underlines the strong fundamentals of our organization, and our commitment to operational excellence. The various parameters evaluated demonstrate that, despite the challenging operating environment for the global aviation industry, we have comprehensive strengths that enable us to create long-term value for all our customers and stakeholders.”

Battling the impact of COVID-19

Air Arabia announced its financial and operational results for the first half of this year ending June 30, 2020, registering a net loss of $46 million (Dh169 million), as the global aviation industry continues to battle the impact of COVID-19.

The loss was a direct result of second quarter performance being heavily impacted by COVID-19 and the subsequent cancellation of scheduled flight operations.

The company’s turnover for the first six months of 2020 registered Dh1.021 billion, a drop of 53 per cent compared to Dh2.173 billion in the corresponding period last year.
Air Arabia served a total 2.48 million passengers from all its four hubs in the first half of 2020, a drop of 57 per cent compared to first half of 2019.