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Air Arabia Q2 performance touches AED 158 million profit

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Air Arabia posted strong financial results for Q2 of 2017. The results exceeded analysts’ expectations and registered a net profit of AED 158 million, an increase of 21% compared to AED 131 million for same period in 2016.

The company’s turnover for Q2 of 2017 increased to AED 906 million, compared to AED 894 million in 2016. The airline served over 2.05 million passengers in Q2 of 2017, while average seat load factor – or passengers carried as a percentage of available seats – for the same quarter stood at 79%.

Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia said: “The strong second quarter financial performance is a testament to our operational efficiency and robust growth strategy. Despite continuous pressure on yield margins, which is driven by the market and economic environment, Air Arabia managed to register a solid second quarter net profit backed by the carrier’s cost control measures, operational efficiency and combined with its momentum growth”.

Air Arabia’s net profit for the first six months of 2017 stood at AED 261 million, up seven per cent compared to the corresponding period of 2016 while turnover for first six months of this year reached AED 1.716 billion. The low-cost airline served over 4.1 million passengers in the first six months of 2017.

The airline also received two new Airbus A320 aircraft in H1 of 2017 and added 12 new routes from its five operating hubs in the UAE, Morocco, Egypt and Jordan. Air Arabia currently serves a global destination network of 130 routes across the world.