AIR ARABIA, the first and largest low-cost carrier (LCC) in the Middle East and North Africa, has 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 Dh498 million ($135.5 million), up 46 per cent compared to Dh341 million ($92.8 million) reported in the corresponding period of 2013. It served more than 5.1 million passengers in the first nine months of 2014, a 13 per cent year-on-year increase. The average seat load factor – or passengers carried as a percentage of available seats – for the same period stood at 82 per cent.“The record third quarter performance is a reflection of the company’s commitment to its core values underlined by its operational efficiency and unique value preposition,” Al Thani continued. “Despite ongoing political uncertainty in parts of the region adding to the challenge presented by fluctuating trend in fuel prices; we remain highly confident about the long-term prospects for the industry in the Middle East and North Africa (Mena) region and our ability to march ahead with our growth plans while delivering our value-for-money promise to our customer’s every day.” Air Arabia, completed 11 years of operation last month, has added two new routes to its global network during the third quarter of 2014. From its primary hub in Sharjah, the airline commenced services to Antalya in Turkey, while direct services to Chittagong in Bangladesh began from its recently opened Ras Al Khaimah hub.