Dubai: Air Arabia, the Sharjah-based carrier, reported on Sunday Dh376 million in net profit for the third quarter of 2017, marking a nearly 27 per cent jump from the Dh296.5 million recorded in the same quarter last year.
The profits beat analyst expectations, with EFG Hermes forecasting Dh202 million in third quarter profits, according to a Reuters poll.
The figures put net profits for the first nine months of 2017 at Dh637 million, up 17.5 per cent over the Dh541.9 million in profits attributable to owners in the same period in 2016.
Abdullah Al Thani, chairman of Air Arabia, said in a statement the increased profitability came “despite the continuous pressure on yield margins that airlines in the region are witnessing.”
“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,” he said.
