Air Arabia announced its financial results for the period ending June 30, 2013, highlighting the fundamental strength of Air Arabia’s business model and demonstrating sustainable profitability during the first half of this year.
The company’s net profit for the first half 2013 stood at USD 36.4 million, an increase of 17% compared to USD 31.3 million for the first six months of last year. During the first half of 2013, the company registered a turnover of USD 408 million, up 19% from USD 326.7 million for the first half of 2012.
Air Arabia’s net profit for the second quarter of this year exceeded analysts’ forecast and registered USD 20.7 million, an increase of 15% compared to USD 18 million for the second quarter of 2012. Turnover for the second quarter of 2013 rose by 17% to USD 217 million, compared to USD 185.4 million for the second quarter of last year.
The airline served over 3 million passengers during the first half of 2013; a 16% increase compared 2.6 million passengers during the same period last year. Air Arabia’s average seat load factor – or passengers carried as a percentage of available seats – for the first six month of 2013 stood at an extremely impressive 82%.
In the first half of 2013, Air Arabia added five new routes from Sharjah, bringing the total route network to serve 86 destinations from three operating hubs - UAE, Morocco and Egypt. These new destinations include: Sialkot in Pakistan; Baghdad in Iraq; Abha and Ha’il in Saudi Arabia; and Yerevan in Armenia. The first half of 2013 also saw the airline increasing frequency of flights to Beirut in Lebanon, Salalah in Oman, and Dhaka in Bangladesh.
Underpinned by strong demand for Air Arabia’s services, the airline has taken delivery of three aircraft from Airbus this year, including the region’s first Airbus Sharklet equipped A320 aircraft, bringing its total operational fleet to 33 aircraft. The low-cost pioneer expects to receive another four aircraft from Airbus by the end of 2013.
Source: Air Arabia