Air Arabia reported its third quarter 2017 results, which outline strong and continuous operational and financial performance.
The airline’s financial results were much better than the analysts’ predictions. The company registered a net profit of AED 376 million for the third quarter ending on September 30, 2017. This marks a 27% increase compared to the AED 297 million from 3Q16. The overall net profit for the first nine months of 2017 also marks an increase from 2016, even though just by 18%, and has reached AED 637 million.
Air Arabia’s turnover for the third quarter reached AED 1.16 billion, which is a 4% increase from the previous year’s period. The turnover for the first nine months of this year was also solid and reached AED 2.88 billion.
In terms of operation, the carrier served over 2.33 million passengers in the third quarter of 2017, which also marks an increase, by 3%, compared to last year. For the first nine months, Air Arabia also increased its fleet by adding three new Airbus A320 aircraft and respectively broadened its services by adding 14 new routes from its five operating hubs in the UAE, Morocco, Egypt and Jordan.
Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia commented that the excellent 3Q17 financial results reveal that the strategy of the management team to offer a value-driven product combined with efficient cost control measures is successful.