Air Arabia announced strong financial results for the first half ending June 30, 2018.
Air Arabia reported a net profit of AED 230 million for the first half ending June 30, 2018; a 12 per cent less than the AED 261 million reported for the same period last year. The company’s turnover for the first six months of 2018 reached AED 1.816 billion, an increase of 6 per cent compared to AED 1.716 billion in the corresponding period last year. Air Arabia’s strong profits are registered despite the economic pressure that airlines have witnessed in the second quarter of this year, which was driven by lower yield margins, higher fuel prices and seasonality shift in traffic that the market has experienced.
Marking strong growth in passenger demand, Air Arabia flew 4.2 million passengers during the first half of 2018 and the airline’s average seat load factor for the first six month of 2018 - passengers carried as a percentage of available seats – stood at impressive 79 per cent.
The company’s turnover in the second quarter ending June 30, 2018 reached AED 938 million, a 4 per cent increase compared to the same period of 2017. Net profit during the second quarter 2018 stood at AED 120 million, a 24 per cent less than the corresponding period of 2017. Air Arabia flew over 2.05 million passengers in the second quarter ending June 30, 2018 and the airline’s average seat load factor for the same period stood at a high 78 per cent.
Source: Air Arabia