Air Arabia first quarter 2014 net profit soars to Dhs75 million, up 27%
Air Arabia (PJSC), the first and largest low-cost carrier (LCC) in the Middle East and North Africa, announced today its financial results for the three months ending March 31, 2014, reflecting the airline’s solid financials, strong business model and broad customer base.
Air Arabia reported a net profit of Dhs75 million for the three months ending March 31, 2014, representing an increase of 27% compared to Dhs59 million reported in the corresponding quarter of 2013.
In the first quarter of this year, Air Arabia posted a turnover of Dhs827 million, an increase of 14.5% compared to Dhs722 million in the same period of 2013.
The airline served 1,630,000 passengers in the first quarter of 2014, an increase of 12% compared to the 1,450,000 passengers carried in the same period 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 2014 stood at an impressive 81.5%.
“Air Arabia has enjoyed a remarkable start to the year, which builds on our long and proud track record of success and achievement,” said Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia. “Our route, fleet and hub expansion strategy continues to deliver profitability while bringing ever greater connectivity and flexibility to people across the Middle East and North Africa”.
Al Thani added: “We remain confident about the long-term prospects for the industry and fully intend to continue spreading our value-for-money philosophy to more destinations and more passengers in the future.”
The first quarter of 2014 witnessed Air Arabia announce the formation of a second hub in the UAE and fourth worldwide. The airline has entered into a strategic partnership with the Ras Al Khaimah Department of Civil Aviation, enabling it to become the emirate’s designated carrier operating services from Ras Al Khaimah International Airport. The first flight took off on May 6 and the carrier is currently offering direct services to 7 cities from Ras Al Khaimah.
In the first three months of 2014, Air Arabia also added three new destinations from its main base in Sharjah: Cairo in Egypt, Antalya in Turkey, and Shymkent in Kazakhstan. The airline also added extra frequency to existing routes, including an additional daily service between Sharjah and Doha, and opened a several new sales office across the region.
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Ajith Henry/ Tameem Alkintar