Air Arabia's posts better than expected second quarter results

After a second quarter net profit of AED 158 million, from revenues of AED 906 million, Air Arabia's first half net profit has climbed 7% over last year
Air Arabia has announced strong financial results for the second quarter of this year.
Air Arabia has announced strong financial results for the second quarter of this year.

Air Arabia has announced better than expected financial results in its second quarter results for 2017.

The Middle East and North Africa’s largest low-cost exceeded analysts’ expectations and registered a net profit of AED 158 million, an increase of 21 percent compared to the AED 131 million reported for the same period last year. The company’s turnover for the second quarter of 2017 increased to AED 906 million, compared to AED 894 million in the corresponding period last year.

Air Arabia served over 2.05 million passengers in the second quarter of 2017, while the average seat load factor–passengers carried as a percentage of available seats–is at 79 percent.

Air Arabia’s net profit for the first six months of 2017 now stands at AED 261 million, up 7 percent year on year. Turnover for the first six months of this year reached AED 1.716 billion, and the airline has ferried over 4.1 million passengers in the first six months of 2017 at an average seat load factor of 79 percent.

Air Arabia received two new Airbus A320 aircraft in the first half of 2017 ending June 30 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.

“We are confident about the appeal of low cost travel," Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia said in a statement. "We will continue to expand our reach and network and remain focused on cost control." 

Air Arabia is the UAE's only listed airline and was the only airline in the region, out of those that announced results, to register a single digit drop in net profits in 2016.

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