Air Arabia reports 8% increase in Q1 profit

Air Arabia said it carried over two million passengers in Q1, with an 80 percent load seat factor
Air Arabia reports 8% increase in Q1 profit
By Neil Halligan
Thu 10 May 2018 10:29 AM

Low-cost carrier Air Arabia reported a Q1 profit of $27.8m, an increase of eight percent on the same period last year.

The Sharjah-based carrier said reported revenues of $238m (AED877) for the first three months of this year, up eight percent on last year.

Air Arabia said it carried over two million passengers during the quarter, with an 80 percent load seat factor (passengers carried as a percentage of available seats).

“The strong financial performance for the first quarter is a reflection of the robust business model that we operate and is driven by our clear strategy for growth,” said Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia.

“The strong passenger demand combined with the solid cost control measures that we took in driving cost margins lower continue to positively impact the financial performance of the carrier.”

Air Arabia added three new routes from its hubs in the UAE and Egypt in the first three months of 2018, with flights commencing from Sharjah to Moscow Sheremetyevo in Russia and to Jeddah and Kuwait from Sohag in Egypt.

This was followed by the announcement of new flights from Sharjah to Qabala in Azerbaijan; Izmir and Bodrum in Turkey staring June 2018 and to Grozny in Russia starting April 2018.

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