Air Arabia reports $9.2m net profit; load factor up in Q1
SHARJAH, 7 days ago Sharjah-based Air Arabia, one of the largest low-cost carriers in the Middle East and North Africa (Mena) region, has reported a net profit of AED34 million (9.2 million) for the first quarter, a 52 per cent less than the corresponding 2020 figure of AED71 million ($19.3 million) amid Covid s continued impact on the aviation’s industry financial and operational performance. Announcing the results for the three months ending March 31, Air Arabia said its turnover plunged 37 per cent to AED572 million compared to the corresponding first quarter of 2020. More than 1.3 million passengers flew with Air Arabia between January and March 2021 across the carrier’s five hubs while the airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2021 maintained a high average and stood at 77 per cent, it stated.
DUBAI: Air Arabia said it would adopt further cost control measures after reporting a 52 percent fall in first quarter net profit to 34 million dirhams ($9.25 million)
Revenues fell by more than a third to 572 million dirhams, compared to a year earlier, as the pandemic continued to weigh on regional air travel, the airline said in a statement on Sunday.
“The impact of COVID-19 pandemic on the global aviation industry remains material and of a changing nature, nonetheless, we have full confidence in the fundamentals and the strength of the aviation industry worldwide as well as the crucial role air travel will play in supporting regional and global economic recovery,” said Sheikh Abdullah Bin Mohamed Al-Thani, chairman of Air Arabia. “While we remain hopeful that air travel restrictions will ease with the increasing rate of vaccination drives across key markets, Air Arabia remains focused on adopting further measures to control costs and support business continuity during thi
May 2021 373 Sharjah-based Air Arabia, one of the largest low-cost carriers in the Middle East and North Africa (Mena) region, has reported a net profit of AED34 million (9.2 million) for the first quarter, a 52 per cent less than the corresponding 2020 figure of AED71 million ($19.3 million) amid Covid s continued impact on the aviation’s industry financial and operational performance. Announcing the results for the three months ending March 31, Air Arabia said its turnover plunged 37 per cent to AED572 million compared to the corresponding first quarter of 2020. More than 1.3 million passengers flew with Air Arabia between January and March 2021 across the carrier’s five hubs while the airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2021 maintained a high average and stood at 77 per cent, it stated.