Air Arabia, the first and largest low-cost carrier (LCC) in the Middle East and North Africa, today announced its financial results for the first nine months ending September 30, 2014, as the success of the company’s hub and network expansion strategy continued to be reflected in strong performance figures.
Air Arabia’s net profit for the first nine months of 2014 stood at Dhs498 million, up 46 percent compared to Dhs341 million reported in the corresponding period of 2013. For the nine months ending September 30, 2014, the airline posted a turnover of Dhs2.8 billion, an increase of 17 percent compared to Dhs2.4 billion in the same period of 2013. The low-cost aviation pioneer served over 5.1 million passengers in the first nine month of 2014, a 13 percent year-on-year increase. The average seat load factor – or passengers carried as a percentage of available seats – for the same period stood at an impressive 82 percent.
“Air Arabia’s excellent performance for the year to date demonstrates the strength of its underlying business model and the effectiveness of its growth strategy,” said Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia. “Our focus on expanding both our operational footprint and our route network has created a dynamic platform able to respond to customer demand and seize new commercial opportunities”.
Air Arabia’s net profit for the third quarter of 2014 was Dhs251 million, up 22 percent compared to Dhs206 million reported in the corresponding period of 2013. For the three months ending September 30, 2014, the airline posted a turnover of Dhs1.06 billion, an increase of 25 percent compared to Dhs854 million in the same period of 2013. Air Arabia served over 1.75 million passengers in the third quarter of 2014, a 15 percent increase compared to 1.52 million passengers in the same period of last year. The average seat load factor – or passengers carried as a percentage of available seats – for the same quarter stood at an impressive 80 percent.
Air Arabia, completed 11 years of operation last month. It added to its impressive list of international accolades in the third quarter of 2014 when it took home the “Airline Business Award” at the esteemed Airline Strategy Awards 2014, in recognition of its commitment to offer high-quality, low-cost travel solutions to passengers in the Arab world and beyond. Air Arabia has also been named among the World Economic Forum’s prestigious Global Growth Companies (GGCs) for 2014.