Business | Aviation
Air Arabia reports 30 per cent increase in profits
Air Arabia, the largest low-cost carrier in the Middle East and North Africa on Saturday announced a 30 per cent increase in its third quarter net profits to Dh214 million, compared to Dh165 million during the third quarter of 2007.
- Staff Report
- Published: 14:58 November 8, 2008
Sharjah: Air Arabia, the largest low-cost carrier in the Middle East and North Africa on Saturday announced a 30 per cent increase in its third quarter net profits to Dh214 million, compared to Dh165 million during the third quarter of 2007.
For the third quarter ended on September 30 2008, the company posted a turnover of Dh625 million, up 69 per cent compared to Dh369 million during the third quarter of last year.
"Such positive results demonstrate our ability to deliver sustained growth and excellent returns to our investors. These results are also a clear indication that our passengers have confidence in our efforts and continue to benefit from our industry-leading low fares," said Adel Ali, Board Member and Chief Executive Officer of Air Arabia.
"This quarter has been busy and special, and with its conclusion came the start of our five-year anniversary celebratory month. As we look ahead toward the next five years, we intend to continue in the same vein – to grow our fleet of aircraft, expand our network of destinations and continue to offer the very best value-for-money service throughout the regions we serve and beyond," Ali added.
The positive financial results for Air Arabia in the third quarter of 2008 reflect a continued upward trend for the carrier. For the first nine months of 2008, the company posted a net profit of Dh374 million, up 34 per cent compared to Dh280 million during the same period last year.
For the same period, the company posted a turnover of Dh1,495 million, up 68 per cent compared to Dh889 million in the first nine months of 2007. In the first nine months of 2008, the airline served a total of 2,601,967 passengers, an increase of 33 per cent compared to 1,954,982 passengers during the first nine months in 2007.
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