Air Arabia Reports Third Quarter Net Profit of $56.9 Million on 174% Revenue Increase to $219 M
Air Arabia has reported a third quarter 2021 net profit of AED 209 million (US $56.9 million) on a year-over-year increase in revenue of 174 percent to AED 804 million (US $219 million).
On Wednesday (November 10, 2021), Air Arabia PJSC reported their third quarter 2021 financial results for the period ending September 30, 2021. The company reported a third quarter net profit of AED 209 million (US $56.9 million) on a year-over-year increase in revenue to AED 804 million (US $219 million). During the third quarter, Air Arabia served over 1.9 million guests from their five hubs in the UAE, Morocco and Egypt, a 190 percent increase versus the same period last year. The airline’s average load factor for Q3 2021 was 70 percent,
In Wednesday’s announcement, Air Arabia’s Chairman, Sheikh Abdullah Bin Mohamad Al Thani, said,
“Air Arabia’s solid performance in the third quarter of this year is a testament to the strength of the business model we operate and the customer appeal for our value driven product. While we continue to operate under the impact of COVID-19 pandemic on the aviation industry, we are glad that Air Arabia has returned to double digit growth. This performance is supported by the gradual resumption of operations witnessed this year, especially in the third quarter, as well as the cost control measures adopted by the management team since the start of the pandemic.
“We are confident that the gradual ease on travel restrictions and resumption of operations will continue to help the industry in its path towards recovery. Aviation is at the center of global mobility and continues to play a key role in the wider economic recovery. While air travel volatility at current times remains a reality, we are confident of the global efforts made in this regard and hopeful that the steady recovery witnessed in the third quarter continues. Nonetheless, Air Arabia remains committed to providing customers with the world’s best value driven air travel while focusing on operational efficiency and cost control.”
During the first nine months of 2021, Air Arabia added 43 new routes. In September, the Group also signed an agreement with the Lakson Group, one of Pakistan’s leading business conglomerates, to launch a new low-cost airline based in Pakistan. In July, the company also signed an agreement with the Armenian National Interests Fund (ANIF) to launch Armenia’s national airline, ‘Fly Arna.’ Air Arabia has also partnered with Etihad Guest, Etihad Airways’ loyalty program, to allow reciprocal points and miles transfers.
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 over routes from multiple 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