Air Arabia on Thursday announced achieving positive results for the three-month and six-month periods ended 30 June 2018.
The low-cost carrier registered AED 230 million ($62.63 million) between January and June, down 12% year-on-year from AED 261 million ($71.07 million).
The UAE-based carried succeeded in achieving “strong profits” despite economic pressures seen by airlines in Q2-18 on the back lower yield margins, higher fuel prices, and a seasonal shift in traffic across the market, it said in a statement.
Air Arabia’s turnover increased 6% to AED 1.816 billion in H1-18 from AED 1.716 billion in the year-ago period), according to bourse filing.
“Air Arabia’s strong financial results are a testament to the airline’s robust growth strategy, operational efficiency and unwavering commitment to delivering on its value-added proposition for customers,” commented chairman Sheikh Abdullah Bin Mohamed Al Thani.
In addition, the Middle East and North Africa (MENA) region’s largest low cost airline witnessed strong growth in terms of passenger demand after flying 4.2 million passengers in the six-month period ended 30 June. Meanwhile, its average seat load factor, which involves the number of passengers carried as a percentage of available seats, registered an “impressive” 79%.
As for the second quarter of the year, Air Arabia’s net profits amounted to AED 120 million, down 24% year-on-year, while its turnover increased 4% to AED 938 million from a year ago.
During the three-month period, the Dubai-listed carrier flew over 2.05 million passengers, while its average seat load factor was 78%.
“The global aviation industry had to cope up with pressing economic challenges during the second quarter of this year and we are glad to see Air Arabia continuing to deliver strong financial and operational performance while maintaining its momentum growth across the breadth of its network,” Al Thani stated.
Air Arabia previously reported rising profits and turnover in Q1-18 by 8% each. The carrier’s profits amounted to AED 110 million, while its revenues stood at AED 877 million.