Dubai-listed Air Arabia reports 27% rise in profits

The Dubai-listed Air Arabia on Sunday reported a 27 percent increase in third-quarter profit.
The low-cost airline said it made a net profit of 376 million dirhams ($102.4 million) in the three months to Sept. 30, compared with 297 million dirhams the same time last year. Revenues hit 1.16 billion dirhams during the quarter, an increase of 4 percent. EFG Hermes and SICO Bahrain had forecast the Sharjah-based airline would post a profit of 202.3 million dirhams and 285.5 million dirhams respectively, Reuters reported.
Air Arabia served over 2.33 million passengers in the third quarter of 2017, an increase of 3 percent compared to the same period last year, it said in an emailed statement. The average seat load factor — passengers carried as a percentage of available seats — stood at 81 percent.
Sheikh Abdullah bin Mohammed Al-Thani, chairman of Air Arabia, said: “The solid third-quarter results reflect the continuous appeal for our value-driven product combined with the cost control measures and robust growth strategy adopted by the airline management team. We are glad to see Air Arabia delivering strong financial and operational performance throughout 2017 despite the continuous pressure on yield margins that airlines in the region are witnessing.”
Air Arabia received three new Airbus A320 aircraft in the first nine months of 2017, and added 14 new routes from its five operating hubs in the UAE, Morocco, Egypt and Jordan.

Source:Arabnews