Air Arabia’s near 60% profit growth in Q3 ‘reflects the strength of its business model’, according to chairman Sheikh Abdullah Bin Mohamed Al Thani.
The largest low-cost carrier registered a record net profit of AED 471 million ($128m) for the three months ending 30 September 2019; an increase of 57% compared to the same period last year.
Year-on-year revenues for the quarter increased by 12% to AED 1.438 billion.
Air Arabia served over 3.4 million passengers from its four hubs in the UAE, Morocco and Egypt, an increase of 10% compared to the number of passengers carried in the same quarter last year. The average seat load factor was 82%.
Al Thani said: “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 everyday.
“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”.
Air Arabia registered a record net profit of AED 809 million for the first nine months ending 30 September 2019, a 53% increase compared to the same time last year.
The company’s turnover for the same period was AED 3.611 billion, an increase of 17% year-on-year.
Al Thani added: “While Air Arabia managed to register record performance year to date, we remain focused on driving operational efficiency across board and delivering optimum value to our customers.
“The current economic and trading conditions are impacting the aviation industry around the world, especially in the MENA region where we continue to witness unsettling geopolitical escalations and pressing economic challenges. Nonetheless, Air Arabia will cautiously continue with its growth plans and expanding its geographic reach while we remain committed to providing affordable and value driven air travel to our customers.”
During the first nine months of 2019, Air Arabia received two Airbus A321neo LRs, bringing its total fleet size to 55 aircraft. Air Arabia added a total of 12 new routes to its global network in the first nine months of this year.
Air Arabia recently launched its new complimentary in-flight entertainment system 'SkyTime' that allows passengers to live stream digital content on smartphones, tablets or laptops while traveling with the carrier.
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.