Air Arabia reports strong first quarter financial results
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Air Arabia PJSC has reported strong financial results for the first quarter of 2017.
The airline reported a net profit of AED103 million for the first three months, ending March 31, 2017, 10% less than the corresponding 2016 figure of AED114 million.
In the same period, the company posted a turnover of AED810 million, 14% less than the corresponding first quarter of last year.
The financial results were recorded amidst the continuous drop in the yield margins that the industry witnessed in the first quarter of this year and were backed by Air Arabia’s strong passenger demand as well as cost control measures taken by the carrier.
More than 2.1 million passengers flew with the airline between January and March 2017, in line with the record number of passengers carried in the first quarter of last year.
The airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2017 stood at 81%.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said, “We are glad to see Air Arabia recording strong first quarter financial results despite the impact of lower yield margins that the industry continued to witness in the first quarter of this year. The strong measures that we took in driving cost margins lower while optimising revenue opportunities have proven once again the resilient and dynamic business model that we operate.”
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