Air Arabia reports strong net profit in first nine months of 2015

SHARJAH, 8th November, 2015 (WAM) -- Air Arabia, the first and largest low-cost carrier in the Middle East and North Africa, yesterday announced its financial results for the first nine months of 2015 ending September 30th, as the company continue to achieve strong financial performance and solid growth. The company delivered a record net profit of Dh472 million for the first nine months of 2015, 5 percent lower than the corresponding period of last year. Turnover reached Dh2.87 billion for the nine months ending September 30th, an increase of 2 percent on the corresponding 2014 figure. Passenger numbers increased by 11 percent year-on-year, reaching 5.7 million passengers. The average seat load factor, or passengers carried as a percentage of available seats, for the period stood at 79 percent. Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said, "Despite increased pressure on yield margins, spare capacity in the market and protracted political uncertainty within the region, Air Arabia continues to deliver strong profits and solid business growth while serving ever-increasing numbers of passengers. The company continued its expansion throughout 2015 and we have launched 21 new routes this year, in addition to a multiple award-winning products and services." He added, "We remain focused on expanding operations and entering new markets while consolidating our leading position in existing markets as well as delivering an innovative and appealing product offering to our customers every day." Air Arabia's global destination network now covers 115 routes, and the 21 new routes were added to Air Arabia’s network include the opening of a fifth international hub in Jordan earlier this year. Revenues for the three months ending September 30th, 2015, increased by 6 percent to stand at Dh1.1 billion, compared with Dh1 billion in the same period of 2014. Net profit in the third quarter of 2015 reached Dh235 million, 6 percent lower than the corresponding 2014 figure of Dh251 million. More than 2 million passengers were served in the third quarter of 2015, an 18 percent increase on the corresponding period of 2014, while the average seat load factor was 80 percent. Air Arabia was named ‘Airline of Year’ at the recent Aviation Business Awards in Dubai. The carrier was also named "Best Low-cost Airline in the Middle East" at the annual Skytrax World Airline Awards in France, "Best Low-Cost Carrier" at the 2015 World Tourism Forum Awards in Turkey, and took home the "Award for Customer Innovation" at the first Aviation Achievement Awards. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395287652088.html