By Neil Halligan
Air Arabia sign an agreement with Etihad Aviation Group to launch Air Arabia Abu Dhabi, the capital's first low-cost carrier.
Sharjah-based Air Arabia reported a 57% increase in Q3 profits, thanks to an increase in customers and cost control measures implemented across the company.
The low-cost carrier, which last month announced a tie-up with Etihad Airways to create a new airline, reported a net profit of $128 million (AED 471m) in Q3, with revenue during the three months of $391m (AED 1.438bn), an increase of 12% on last year.
Air Arabia said it carried over 3.4 million passengers from its four hubs in the UAE, Morocco and Egypt, an increase of 10% on the same period last year.
The airline managed to achieve average seat load factor of 82%, up slightly from last year.
“Air Arabia’s record performance in the third quarter of this year reflects the strength of the business model we operate and the added value we bring to our customers every day,” said Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia.
“We are glad that the strong Air Arabia performance witnessed in the first half of this year continued in the third quarter driven by higher customer demand, robust growth strategy and the cost control measures adopted by the management team.”
Sheikh Abdullah said the carrier will continue to implement “operational efficiency across board”, at a time of “unsettling geopolitical escalations and pressing economic challenges”.
Air Araiba received two Airbus A321neo LR aircraft this year - bringing its total fleet size to 55 – which the airline said will help it expand to new medium-haul markets.
Air Arabia today operates flights to over 170 global destinations in 50 countries from four hubs in the UAE, Morocco, and Egypt.
Additionally, the carrier announced in October the signing of an agreement with Etihad Aviation Group to launch “Air Arabia Abu Dhabi”, the capital’s first low-cost carrier.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.