UAE’s Air Arabia net profit up 22 percent in Q3
11 Nov 2014
(MENAFN) Air Arabia, UAE’s budget carrier, announced it has registered an increase in its net profit by 22 percent during the July-September period of this year, due to an increase in passenger numbers, Emirates 24/7 reported.
During the third quarter of this, the airline registered a net profit of USD74.71 million compared with USD55.18 million registered during the same period last year, while its revenue was up by 25 percent to reach USD288.57 million as a result of an increase in passengers by 15 percent to about 1.75 million people.
Air Arabia, which has hubs in Egypt and Morocco, currently flies about 100 routes, though it has competitions from other low cost carriers in the region like Flydubai and Kuwait’s Jazeera Airways.
“Despite ongoing political uncertainty in parts of the region adding to the challenge presented by fluctuating trend in fuel prices we remain highly confident about the long-term prospects for the industry in the Mena region,” Air Arabia chairman said in the statement.
During the January-September period of this year, the carrier’s net profit rose 46 percent to USD135.57 million compared with USD92.83 million reported in the corresponding period of 2013, while its turnover increased by 17 percent to reach USD762.25 million compared to USD653.36 million in the same period of 2013.
The low-cost airline carried over 5.1 million passengers during the first nine month of 2014, an increase of 13 percent compared to the same period last year.