Air Arabia records Q4 2018 net profit of AED26 million
_A Monitor Report16 Apr, 2019 | 110 Views|-+
Sharjah : Air Arabia (PJSC) has announced financial results for the fourth quarter (October to December) 2018, delivering a strong operational and financial performance.
Air Arabia reported a net profit of AED26 million for the fourth quarter 2018, in line with the strong net profit recorded in the same period last year. Turnover for the three months ending on December 31, 2018 was AED 1 billion, an increase of 20 per cent compared to AED858 million in the same period in 2017. Air Arabia flew over 2.1 million passengers in the final quarter of 2018, an increase of 5 per cent compared to the same period last year at an impressive average seat load factor - or passengers carried as a percentage of available seats - of 81 per cent.
Turnover for the full year 2018 was AED4.12 billion, 10 per cent higher than the turnover recorded in 2017. More than 8.7 million passengers flew with Air Arabia in 2018, an increase of 2 per cent compared to 2017 while the average seat load factor for the year - or passengers carried as a percentage of available seats - stood at an impressive 81 per cent.
Sheikh Abdullah Bin Mohammad Al Thani, Chairman, Air Arabia, concluded, "We expect the solid operating metrics and high seat load factor that Air Arabia achieved in 2018 to continue as the long-term fundamentals of the aviation sector in the region and the underlying demand for affordable air travel remain strong."
Air Arabia added 26 new routes to its global network in 2018 from its operating hubs in the UAE, Morocco and Egypt. The carrier took delivery of 3 new aircraft and ended the year with a fleet of 53 Airbus A320 aircraft operating to over 155 routes across the Middle East, Africa, Asia and Europe. In October, Air Arabia celebrated 15 years of successful operations which transformed the air travel industry in the wider MENA region by unveiling a new brand identity that is reflective of its innovative forward-looking and international approach.