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Cumartesi, 15 Haziran 2024

Air Arabia announces second quarter 2010 net profit of AED 50 million



Air Arabia, the first and largest low-cost carrier (LCC) in the Middle  East and North Africa, announced today its financial results for the  three months ending June 30, 2010, demonstrating continued profitability  during a period characterised by lower yields among airlines worldwide.

        Air Arabia’s net profit for the three months ending June 30, 2010, stood  at AED 50 million, a decline of 44 per cent compared to AED 90 million  in the corresponding period in 2009. This decline in profitability was  in line with global industry performance, which continues to be impacted  by changing market dynamics, characterized by increase in fuel costs  and continuous pressure on yield margins.  In the second quarter of this year, Air Arabia posted a turnover of AED  485 million, an increase of 6 per cent compared to AED 458 million in  the same period of 2009.  The airline served 1,108,310 passengers in the second quarter of 2010,  an increase of 11 per cent compared to 1,002,394 passengers in the same  period last year. In the three months ending June 30, 2010, Air Arabia’s  average seat load factor – or passengers carried as a percentage of  available seats – stood at an impressive 82 per cent, an increase of 4%  compared to same period of 2009.  “We are pleased with Air Arabia’s solid performance despite over all  challenging market conditions,” said Sheikh Abdullah Bin Mohammad Al  Thani, Chairman of Air Arabia. “Air Arabia continues to post sustained  quarterly profits with a high seat load factor and rising passenger  traffic. These results demonstrate the strength of Air Arabia’s business  model and long-term expansion strategy”.  “The airline has embarked upon a phase of organic growth, now operating  from three hubs across the region”, Sheikh Abdullah Bin Mohammad Al  Thani continued. “We are focused on further expanding our operations  while strengthening our value-for-money offerings and innovative  products.”  In the second quarter of 2010, the airline launched operations from its  third hub in Alexandria, Egypt. Air Arabia currently offers service to  65 routes across Europe, the Middle East, Africa and Asia from three  hubs in UAE, Morocco and Egypt. The low-cost carrier also announced the  formation of Jordan’s first low-cost carrier in a joint venture with  Tantash Group.  

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