Air Arabia Reports First Quarter Net Profit of $9.3 Million on 37 Percent revenue Decline to $156 M
Air Arabia has reported a first quarter 2021 profit of AED 34 million (US $9.3 million) on a year-over-year revenue decline of 37 percent to AED 572 million (US $156 million). The airline maintained a 77 percent load factor during the quarter and carried over 1.3 million guests.
On Sunday (May 9, 2021), Air Arabia, the first and largest low-cost carrier in the MENA region, reported their first quarter 2021 financial results for the period ending March 31, 2021. The airline reported a first quarter net profit of AED 34 million (US $9.3 million) on a year-over-year revenue decline of 72 percent to AED 572 million (US $156 million). During the first quarter, Air Arabia maintained an average load factor of 77 percent and carried over 1.3 million guests across five hubs.
In Sunday’s announcement, Air Arabia’s Chairman, Sheikh Abdullah Bin Mohamed Al Thani, said,
“We are proud that Air Arabia managed to post another profitable quarter despite the continued impact of the COVID-19 pandemic on the aviation industry worldwide. This is a testament to the carrier’s robust business and its management team. Although the tightened restrictions on air travel continued in first quarter of this year, the gradual resumption to selected destinations combined with cost control measures adopted by the carrier helped to deliver profitability during the first quarter of this year.
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. 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 this period while we continue to resume operations where possible.”
Founded in 2003, Air Arabia is the leading low-cost carrier servicing the Middle East and North Africa (MENA) region. The carrier operates a fleet of 58 new Airbus A320 and A321 Family aircraft and serves 170 routes from five hubs in the UAE, Morocco and Egypt. The award-winning airline offers comfort, reliability and low-cost air travel. Air Arabia (PJSC) is listed on the Dubai Financial Market.
Source: Air Arabia